Turkey disapproves recent US sanctions against Russia

(MENAFN) Turkey is in discussions with the United States to secure a sanctions exemption that would allow the country to continue using Russia’s Gazprombank for natural gas payments, Energy Minister Alparslan Bayraktar confirmed on Monday. The US Treasury recently imposed sanctions on more than 50 Russian financial institutions, including Gazprombank, which is closely linked to the Russian gas giant. The sanctions have excluded the bank from the SWIFT system, cutting off its ability to process dollar-based transactions.

Bayraktar explained that without a special exemption, Turkey, which relies on Russia for over 50% of its natural gas, would be unable to pay for its imports. He compared the current situation to the 2012 US sanctions on Iran, when Turkey was granted a waiver due to "exceptional circumstances" affecting its oil imports. Bayraktar argued that Turkey now requires a similar exemption to maintain its natural gas supply.

The sanctions have also drawn criticism from other European nations, including Hungary, which has accused the US of undermining energy security in Central Europe. Hungarian Foreign Minister Peter Szijjarto condemned the sanctions, calling them an infringement on Hungary’s sovereignty, and emphasized ongoing talks with neighboring countries to ensure energy security. Despite the EU’s efforts to reduce dependence on Russian energy, it remains one of the largest importers of Russian fossil fuels, continuing to purchase significant amounts of liquefied natural gas (LNG) from Moscow.

MENAFN28112024000045015687ID1108935857