Turkey becomes new route for Russian oil to EU

Russia's revenues from fossil fuel exports fell last month to their lowest levels since it's invasion of Ukraine_ but Turkey has become a new route for Russian oil supplies to the EU_ a think tank said Wednesday.

Russia collected an estimated 21 billion euros ($21.7 billion) by exporting fossil fuel in October_ a 7% drop from the previous month_ according to the Finland-based Centre for Research on Energy and Clean Air (CREA).

Revenue from exports to the European Union fell by 14% to 7.5 billion euros_ below pre-war levels.

The EU will ban most imports of Russian crude oil in December. Refined oil products from Russia will be banned from February.

The 27-nation bloc has also placed an embargo on Russia coal. While it has not banned natural gas imports from Russia_ Moscow has slashed supplies to the EU.

 A new route for Russian oil to the EU is emerging through Turkiye_ a growing destination for Russian crude oil_ CREA said_ referring to Turkey.

Ankara has increased imports of Russian crude since the Ukraine invasion started in late February_ the think tank said.

The oil is then processed in Turkey_ whose exports of refined oil products to the EU and the United States jumped by 85 per cent in September-October compared to the July-August period_ CREA said.

 Turkish refiners are therefore providing an outlet for Russia s oil exports_ by refining products for markets that are either not willing to import Russian crude oil directly or don t have the refining capacity to process it_ it said.

 As the EU bans crude oil imports from Russia on 5 December_ this loophole could become important_ CREA added.