Exclusive-Turkey saves $2 billion on Russian oil as imports soar despite sanctions

Turkey and Turkish companies have saved around $2 billion on energy bills in 2023 by raising imports of discounted Russian oil and refined products, Reuters calculation based on LSEG data and traders' estimates showed, and Ankara wants to buy more from its neighbour despite Western sanctions. Turkey became the biggest importer of Russian energy in the Western hemisphere after Russia's invasion of Ukraine triggered European countries to halt most imports of Russian oil and gas. China and India have imported larger volumes from Russia than Turkey, but Ankara's proximity to Russian ports, however, means it is saving more than other buyers thanks to cheaper freight.