Oil from 3 Turkish refineries has generated an estimated $834M in tax revenues for the Kremlin
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Western nations purchased $2 billion worth of Russian oil indirectly through Turkey, signaling glaring loopholes in the current sanctions' regime.
A new report found crude oil arrived at Turkish refineries to make gasoline, diesel and other products to ship out to the rest of the world, and its business has become more lucrative over the past few months.
The U.S., European Union (EU) and its Western allies banned nearly all Russian imports at the start of the war in Ukraine, but countries can still buy Russian fuel if it is first processed in another country.
Oil from three Turkish refineries has generated an estimated $834 million in tax revenues for the Kremlin, according to the report from the Center for the Study of Democracy and the Center for Research on Energy and Clean Air.
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According to the report, one company, Azerbaijan-owned Star Aegean, is 98% dependent on Russian crude, with some 73% of its supplies coming from U.S.-sanctioned Russian energy giant Lukoil.
"The tax revenue received from imports by sanctioning countries of Turkish oil products made from Russian crude would enable Russia to recruit over 6,200 soldiers every month," the report read.
The Russian oil and gas sector is a crucial revenue stream for the Kremlin, contributing to 32% of its federal budget in 2023.
According to the report, Turkey and its Western buyers are taking increasing advantage of a loophole Ukrainians have begged nations to close.
Oil tankers wait to dock at Tupras refinery near the northwestern Turkish city of Izmit, Turkey.
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In the first half of 2024, the EU, U.S., U.K. and other Western allies purchased around $2 billion of Russian oil from the three Turkish facilities.
Moscow has offered the Turkish companies discounts of anywhere between $5 and $20 per barrel, making it cheaper than what they could get from the Middle East.
A general view shows the newly opened extension facility of an oil refinery near Istanbul. Three Turkish oil refineries are turning Russian crude oil into oil products and selling it to the West.
The U.S.’ average monthly imports from the Turkish refinery have skyrocketed to 335% in 2024 from last year.
According to the report, one company, Azerbaijan-owned Star Aegean, is 98% dependent on Russian crude, with some 73% of its supplies coming from U.S.-sanctioned Russian energy giant Lukoil.
Still, 90% of the refinery’s barrels go to Western nations backing Ukraine.
The report called for Western nations to ban imports from refineries that use Russian crude oil and any products that come from Russian-owned Lukoil.
Russia’s war coffers are also heavily bolstered by India, which purchased a record $37 billion in crude oil last year, and exported it to the U.S. as oil products worth $1billion.
In 2023, the Department of Defense also awarded nearly $1 billion to a Greek refinery that imports Russian oil.
