Turkey explains inflexible stance on gas trade with Russia

(MENAFN) Turkish energy Minister Alparslan Bayraktar has voiced strong opposition to US sanctions targeting Russian gas, stressing that they cannot be easily replaced in the medium term. Last week, the US imposed sanctions on over 50 Russian financial institutions, including Gazprombank, which handles major energy transactions for Russia. The sanctions have severed Russia’s main energy bank from the SWIFT system.

Bayraktar warned that any disruptions to the gas flow from Russia would harm Türkiye's economy, impacting households and the nation's 85 million citizens. He highlighted that Russia is a key gas supplier for Türkiye, the fourth-largest gas market in Europe. The issue is being addressed by Türkiye’s finance and foreign ministries.

Additionally, Bayraktar expressed hope that the five-year gas transit agreement between Russia and Europe, which expires on December 31, will be extended. Without the extension, the EU could lose up to 5% of its annual gas consumption. He noted that Türkiye is ready to take necessary steps if the deal is extended, and that payments via Gazprombank are critical for the EU as well.

Reports also indicated that Türkiye is negotiating with the US for a sanctions exemption to continue paying for Russian gas imports. Despite being a NATO member, Türkiye has maintained relations with both Russia and Ukraine, and Russian gas accounted for 45% of its imports in 2023.

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