Turkey strongly opposes American sanctions on Russian gas because they cannot be replaced in the medium term, Turkish Energy Minister Alparslan Bayraktar said on Saturday, November 30, 2024, according to the TRT Haber television channel. .
Last week, Washington imposed blocking sanctions on more than 50 Russian financial institutions, including Gazprombank, linked to the eponymous gas giant, and six of its international subsidiaries. This measure had the effect of cutting off access to the main Russian bank's SWIFT interbank messaging system for energy-related transactions.
“We are against any decision that could affect the flow of gas from Russia. If these sanctions reach this point, it will harm the Turkish economy, households and 85 million people,” Bayraktar told reporters.
The minister emphasized that Turkey is the fourth largest gas market in Europe and Russia is one of the country's main gas suppliers. Bayraktar also said the issue was currently being considered by the country's finance and foreign ministries.
Bayraktar also expressed hope that the five-year transit contract for gas pipeline supplies from Russia to Europe via Ukraine, which expires on December 31, would be extended. Ukraine has said it has no plans to extend the deal. If the gas flow stops, the EU could potentially lose up to 5% of its total annual consumption.
“The extension of the agreement will have a positive impact on prices on the gas market. In this case, Turkey is ready to do whatever is necessary, but I think the agreement will still be extended,” he said, emphasizing that the issue of payments through Gazprombank was also vital for the EU.
Earlier this week, media reported that Ankara was in talks with Washington to secure a waiver of sanctions against Russia that would allow Turkey to continue paying for its gas imports from Russia. According to Bloomberg, Bayraktar said the latest sanctions “could have very significant consequences” for his country if no exemption is granted.
Although a member of NATO, Ankara has not applied sanctions against Russia and has maintained relations with Moscow and kyiv. Last year, Russian deliveries to Turkey accounted for around 45% of the country's gas imports.
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