The largest oil refineries in Turkey have begun purchasing more non-Russian crude in response to the latest Western sanctions against Moscow, Reuters reports, citing sources familiar with the situation.
Turkey, India, and China have been buying nearly all the crude oil exported by Russia. Seaborne shipments to China this year have remained at about 1–1.5 million barrels per day, to India — 1.2–1.8 million barrels per day, and to Turkey — around 300,000 barrels per day. The fourth buyer is Syria, though its imports are minimal — around 35,000 barrels per day, according to Bloomberg estimates.
Turkish refineries are now taking steps similar to those of Chinese and Indian processors, indicating that the U.S., EU, and UK sanctions campaign is having an impact on limiting Russian oil sales.
In addition, Chinese refiners are cutting back on imports of Russian crude due to sanctions imposed by the Donald Trump administration, which have targeted Rosneft and Lukoil, Bloomberg notes.
Chinese state-owned companies Sinopec and PetroChina have already canceled a series of planned purchases of Russian crude and continue to stay away from such deals. They have been joined by several smaller private refiners that fear falling under sanctions, as happened with Shandong Yulong Petrochemical.
The “buyer strike” has affected nearly 45% of Russia’s oil exports to China, according to Rystad Energy. The ESPO crude grade, exported from Russia’s Far East, has been hit particularly hard, causing its prices to fall.
Due to the U.S. sanctions targeting Russia’s two largest oil producers, several Indian refineries — including Mangalore Refinery and Petrochemicals, HPCL-Mittal Energy, and Reliance Industries — have also suspended purchases of Russian oil. However, the country’s largest refiner, Indian Oil, resumed imports of the Urals grade after a brief pause, buying from companies not directly under sanctions.
Meanwhile, similar issues have emerged in the Turkish market. According to sources, one of Turkey’s biggest refineries, SOCAR Turkey Aegean Refinery, owned by Azerbaijan’s SOCAR, recently purchased four cargoes of crude from Iraq, Kazakhstan, and other non-Russian suppliers for delivery in December.
From January to October, Turkey imported about 669,000 barrels of crude per day, 47% of which came from Russia.
At the same time, following OPEC+’s announcement that it would halt production growth next year, oil prices have begun to rise.
Ukraine will receive €85 million through EBRD instruments, which will be used to purchase additional volumes of gas. This was announced by First Deputy Prime Minister and Energy Minister Denys Shmyhal on Telegram. “€85 million through EBRD instruments for the purchase of additional volumes of gas for Ukraine. Work on securing the corresponding grant from […]
India’s largest oil refiner, Indian Oil Corp, has purchased 7 million barrels of crude oil for March shipments, including supplies from Brazil’s Petrobras, to replace Russian oil. This was reported by Reuters, citing two sources familiar with the matter. According to the report, Indian Oil Corp bought 1 million barrels of UAE Murban crude and […]
Toyota has announced a large-scale recall of approximately 162,000 vehicles in the United States due to a malfunction of the multimedia display, Reuters reports. The recall affects certain 2024–2025 model-year Toyota Tundra and Tundra Hybrid pickup trucks. According to the company, under certain conditions the multimedia screen in these vehicles may freeze on the camera […]
U.S. President Donald Trump has threatened to impose a 100% tariff on all Canadian goods in response to a potential trade agreement between Ottawa and Beijing. He made the statement on his social media platform, Truth Social. In his post, the White House leader mentioned Canadian Prime Minister Mark Carney, referring to him as a […]
Intel has decided to temporarily push consumer processors into the background in order to meet rapidly growing demand for Xeon server chips for data centers and artificial intelligence systems. As The Register reports, this was stated by Intel Chief Financial Officer David Zinsner during the discussion of the company’s fourth-quarter financial results. According to the […]
A total of 100 million tonnes of grain have already been transported via Ukraine’s maritime corridor. This was announced by Oleksii Kuleba, Vice Prime Minister for Restoration and Minister for Communities and Territories Development of Ukraine, on Telegram. He recalled that for the fourth consecutive year, Russia has been systematically attacking ports, logistics infrastructure, and […]
Russia’s oil production totaled 512 million tonnes in 2025, according to an article by Russian Deputy Prime Minister Alexander Novak published in Energy Policy magazine, The Moscow Times reports. According to the data, oil output has been declining for the third consecutive year: it stood at 516 million tonnes in 2024, 530 million tonnes in […]
The Anantara Dragon Seseh Bali hotel, developed by the Ukrainian Taryan Group, has received the world’s most prestigious real estate award, CNN reports. The hotel was named Best in the World in the New Hotel Construction and Design category at the International Property Awards, with the award ceremony held in London. In addition to the […]
The European Commission has accused Meta Platforms Inc. (owner of Facebook and Instagram) and ByteDance Ltd. (owner of TikTok) of violating transparency obligations by failing to provide researchers with adequate access to public data, as required under the Digital Services Act (DSA). According to the Commission’s preliminary findings, the procedures for requesting data access on […]
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National Bank removes from circulation 25 of coin. From October 1, a coin of this denomination ceases to be a means of payment. This was stated at a briefing by Deputy Head of the NBU Oleksiy Shaban, according to the website. According to him, from October by these coins will not be able to pay […]
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Exports of goods accounts for a third of Ukraine’s GDP.But we sell primarily raw materials abroad. It is a marker of underdeveloped countries and a path that does not contribute to economic development. Our state’s strategic task is to increase the exports of high-tech goods with high added value: that is, not just to grow […]
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Chief State Sanitary Doctor, Viktor Liashko, said that the drug “Remdesivir”, which was planned to treat patients from the coronavirus, have already been purchased, and the party is taken to Ukraine. He said the news in the interview with Radio Svoboda on Sunday, October 18. “And now it is being transported to the territory of […]
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Nissan has introduced a new sports car Nissan GT-R NISMO Special Edition. The car is equipped with a dual 3.8-liter turbocharged V-6 engine with 600 horsepower and 481 Nm of torque. The sports car accelerates to 96 km/h in 2.8 seconds. The first sales in the US are expected this fall. The cost of the […]
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KSG Agro agroindustrial company (Dnipropetrovsk region) initiates the restructuring of debt in the amount of $ 20 million. The company offers compensation to creditors in the amount of 1% of each of the outstanding principal. This was said in a statement of the company. In particular, the Board of Directors announced that the company has […]
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The largest American agricultural company Cargill suspends the sale of seeds, fertilizers and chemicals in the Black Sea region, including Ukraine, Russia, Romania, Hungary, Bulgaria and Poland. According to the information of the “Interfax-Ukraine”, after a comprehensive review of its grain and oilseed business in the Central and Eastern Europe, the Cargill decided to stop […]
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Uwe Christian Eschner, the Austrian investment banker intends to take 65,749% of Investbank shares (Odessa). The National commission on securities and the stock market (NCSSM) financial institution in the system of the information disclosure provided information about it. Particularly, Eschner intends to take 45 550 625 bank shares with the nominal value of 58,3 million […]
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LDaily has prepared for the readers the short overview of latest news in the sphere of business and finance for last week. If you missed something, you would have a good opportunity to correct it. 1.Trump won: the companies begin to take out assets abroad By the last calculations, Donald Trump has won in […]
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The cryptocurrency Dogecoin, which contains an image of a dog shiba-inu, on Monday, February 8, reached a record high after billionaire Elon Musk, rapper Snoop Dogg and bassist Kiss Gene Simmons wrote about it on Twitter, according to Bloomberg. Thus, according to the CoinGecko platform, the value of the token rose to a peak of […]
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Antimonopoly Committee of Ukraine allowed the company Uniline finance to gain control of six agricultural companies in Dnipropetrivsk and Zaporizhzha regions. Based on the received permission, the company Uniline finance Ltd. (British Virgin Islands) is going to acquire more than 50% of the shares of Astev Investment Company (Cyprus). According to the AMCU, the online […]
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At the end of July 2020, the dollar billionaires owned a record $ 10.2 trillion. This is evidenced by the results of a joint study by consulting and auditing company PwC and UBS Bank, published on Wednesday, October 7. The previous peak of $ 8.9 trillion was recorded in 2017. Now the number of billionaires […]
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The “Industrial Milk Company” Agricultural holding (IMC, Kiev) plans to build a dairy farm for 700 heads in the Repkinsky district of the Chernigiv region until 2018. This was announced by the CEO of the company Alex Lissitsa. According to him, the company intends to modernize the dairy complex in the Repkinsky district in the […]
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Until quite recently, the Petcube took the lead position in the Ukrainian niche of gadgets for pets. But a startup team of the Moggie project proved their importance. The company is developing a smart collar for cats and mobile application, which in pairs or individually will allow owners to monitor the health of their pets, […]
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The Commercial Court of Kyiv suspended the decision of the Antimonopoly Committee, which seized the accounts of tobacco companies as part of a forced fine of UAH 6.5 billion. “The court rejected their request. We welcome this decision, since the arrest of accounts could endanger the normal functioning of large companies and negatively affect tax […]
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Last year, DTEK’s largest energy holding company of Rinat Akhmetov did not allow representatives of the State Inspecyorate to inspect dozens of times last year, while some indicators of TPP are several times higher than normal. The chairman of inspection Andrey Malovany told about it in interview for Oilpoint. According to him, now, according to […]
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