- Turkey seeks a U.S. sanctions waiver to continue payments for Russian gas imports via Gazprombank, which is crucial for its energy security.
- Energy Minister Alparslan Bayraktar warns failure to secure the waiver could disrupt payments and threaten Turkey’s gas supply, with 42% of its needs coming from Russia.
- Turkey navigates diplomatic challenges, balancing ties with the U.S. and Russia while pursuing its goal of becoming a regional gas trading hub.
Energy Minister Alparslan Bayraktar said Turkey seeks a U.S. sanctions waiver to continue paying for gas imports through Gazprombank. The appeal follows Washington’s expanded sanctions on Russian financial entities, threatening Turkey’s energy security.
The new sanctions target 118 Russian entities, including Gazprombank, which handles payments for Turkey’s gas imports from Russia. Bayraktar warned that failure to secure the waiver could block payments and jeopardise the country’s energy supply. “Without this exemption, we can’t pay Russia, which will cause serious consequences,” he told reporters in Ankara.
Russia supplies about 42% of Turkey’s gas, making these payments crucial. Bayraktar stressed the need to protect the country’s energy supply chain. He pointed out that the U.S. previously allowed exemptions for financial transactions with Iran despite sanctions. However, he acknowledged that securing this waiver would require extensive diplomatic negotiations.
Turkey’s request comes at a sensitive time, with President Joe Biden’s administration set to end in January 2025. Bayraktar questioned the timing of the new sanctions, warning they could further strain relations between Ankara and Washington. He expressed concern that the sanctions may hinder Turkey’s diplomatic ties with both sides of the ongoing conflict in Ukraine.
Since Russia invaded Ukraine in February 2022, Turkey has maintained a neutral stance while engaging in peace mediation efforts. Turkey provided military drones to Ukraine but refused to impose sanctions on Russia, seeking to preserve strategic ties, especially in the energy sector. Bayraktar’s comments suggest that the recent U.S. measures could force Turkey to reconsider its position.
Turkey continues to pursue its broader energy goals despite its reliance on Russian gas. The country aims to transform into a regional gas trading hub and is negotiating with Russia to establish a gas hub in Istanbul to advance this plan. Bayraktar confirmed that Turkey had sent a memorandum of understanding to Gazprom to strengthen this partnership. However, the country’s heavy dependence on Russian gas complicates these aspirations for diversification.
The outcome of Turkey’s bid for a U.S. waiver remains uncertain. Turkey could maintain energy security and avoid gas supply disruptions if the U.S. grants the request. However, sanctions could escalate tensions between Turkey and the U.S. at a time when Ankara seeks to balance its relationships with Russia and the West. Bayraktar’s statements highlight Turkey’s challenges in navigating its geopolitical and energy needs in a volatile global landscape.