According to Reuters, trade between Turkey and Russia has been booming since the spring, as Turkish companies exempt from the ban on trading with Russia have rushed to fill the gap left behind by European firms.
Turkey has doubled its imports of Russian oil this year, according to data from platform Refinitiv Eikon, while the two countries are poised for wider economic cooperation, especially in the energy sector, while Western sanctions against Moscow remain in place.
According to Reuters, trade between Turkey and of Russia has been booming since the spring, as Turkish companies exempt from the ban on doing business with Russia have rushed to fill the void left behind by European businesses that left Russia after the invasion of Ukraine.
Turkey has increased oil imports from Russia, including the Urals and Siberian Light grades, to more than 200,000 barrels per day (bpd) so far this year compared with just 98,000 bpd for the same period in 2021, Refinitiv data showed.
Turkey has not imposed sanctions on Russia, saying it remains dependent on Russian energy supplies.
Russian President Vladimir Putin and Turkish President Tayyip Erdogan met in early August and agreed to strengthen business cooperation.
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