Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking & Finance Review®

Global Banking & Finance Review® - Subscribe to our newsletter

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2026 GBAF Publications Ltd - All Rights Reserved. | Sitemap | Tags | Developed By eCorpIT

    Editorial & Advertiser disclosure

    Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Headlines > Turkey’s top refiner Tupras stops Russian crude purchases after sanctions
    Headlines

    Turkey’s top refiner Tupras stops Russian crude purchases after sanctions

    Published by Global Banking & Finance Review®

    Posted on February 18, 2025

    1 min read

    Last updated: January 26, 2026

    The image illustrates Turkey's largest oil refiner, Tupras, which has ceased buying Russian crude oil following U.S. sanctions. This decision reflects significant shifts in Turkey's oil import strategy amidst geopolitical tensions.
    Turkey's Tupras oil refinery halts Russian crude purchases due to sanctions - Global Banking & Finance Review
    Why waste money on news and opinion when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Tags:oil and gasenergy marketinvestmentfinancial management

    Quick Summary

    Tupras halts Russian crude purchases after U.S. sanctions. Russian oil was 65% of Turkey's imports. Tupras reported 18.32 billion lira profit.

    Tupras Halts Russian Crude Purchases Amid New U.S. Sanctions

    LONDON (Reuters) - Turkey’s largest oil refiner Tupras has stopped buying Russian crude because of U.S. sanctions announced on January 10 against Russian energy companies and tankers carrying Russian oil, the company said on a call following an earnings report.

    "With the latest sanctions imposed, we have stopped buying Urals and we will receive the final cargoes during February," said Levent Bayar, Tupras executive director of investor relations.

    Tupras had become one of the biggest importers of Russian crude since Moscow’s invasion of Ukraine in 2022. Russian oil represented 65% of Turkey’s total oil imports in January-November 2024, according to data from Turkey's energy regulator.

    Tupras imported 225,000 barrels per day (bpd) of Russian crude in 2024, the highest on record and up from 178,000 bpd in 2023, according to shipping data analytics firm Kpler. Tupras’s Russian crude imports nearly doubled from 2021 to 2022 at 170,000 bpd, Kpler data showed.

    Tupras on Tuesday reported a full-year net profit of 18.32 billion lira ($505.13 million) versus a profit of 77.35 billion a year before.

    ($1 = 36.2680 lira)

    (Reporting by Enes Tunagur; Editing by David Holmes)

    Key Takeaways

    • •Tupras stops Russian crude purchases due to U.S. sanctions.
    • •Russian oil made up 65% of Turkey's imports in early 2024.
    • •Tupras imported 225,000 bpd of Russian crude in 2024.
    • •The company reported a net profit of 18.32 billion lira.
    • •Sanctions target Russian energy companies and tankers.

    Frequently Asked Questions about Turkey’s top refiner Tupras stops Russian crude purchases after sanctions

    1Why did Tupras stop buying Russian crude?

    Tupras stopped buying Russian crude due to U.S. sanctions announced on January 10 against Russian energy companies.

    2What percentage of Turkey's oil imports came from Russia?

    Russian oil represented 65% of Turkey’s total oil imports in January-November 2024.

    3How much Russian crude did Tupras import in 2024?

    Tupras imported 225,000 barrels per day (bpd) of Russian crude in 2024, the highest on record.

    4What was Tupras' net profit for the year?

    Tupras reported a full-year net profit of 18.32 billion lira ($505.13 million), compared to a profit of 77.35 billion a year before.

    5When will Tupras receive its final cargoes of Russian crude?

    Tupras will receive the final cargoes of Russian crude during February.

    More from Headlines

    Explore more articles in the Headlines category

    Image for Not Italy's Devil's Island: Sardinia bristles at mafia inmate plan
    Not Italy's Devil's Island: Sardinia bristles at mafia inmate plan
    Image for Two airports in Poland closed due to Russian strikes on Ukraine
    Two airports in Poland closed due to Russian strikes on Ukraine
    Image for Exclusive-US plans initial payment towards billions owed to UN-envoy Waltz
    Exclusive-US plans initial payment towards billions owed to UN-envoy Waltz
    Image for Trump says good talks ongoing on Ukraine
    Trump says good talks ongoing on Ukraine
    Image for France to rally aid for Lebanon as it warns truce gains remain fragile
    France to rally aid for Lebanon as it warns truce gains remain fragile
    Image for Exclusive-US aims for March peace deal in Ukraine, quick elections, sources say
    Exclusive-US aims for March peace deal in Ukraine, quick elections, sources say
    Image for Ukraine's Zelenskiy calls for faster action on air defence, repairs to grid
    Ukraine's Zelenskiy calls for faster action on air defence, repairs to grid
    Image for Olympics-Italy's president takes the tram in video tribute to Milan transport
    Olympics-Italy's president takes the tram in video tribute to Milan transport
    Image for Goldman Sachs teams up with Anthropic to automate banking tasks with AI agents, CNBC reports
    Goldman Sachs teams up with Anthropic to automate banking tasks with AI agents, CNBC reports
    Image for Analysis-Hims' $49 weight-loss pill rattles investor case for cash-pay obesity market
    Analysis-Hims' $49 weight-loss pill rattles investor case for cash-pay obesity market
    Image for Big Tech's quarter in four charts: AI splurge and cloud growth
    Big Tech's quarter in four charts: AI splurge and cloud growth
    Image for Exclusive-Bangladesh PM front-runner rejects unity government offer, says his party set to win
    Exclusive-Bangladesh PM front-runner rejects unity government offer, says his party set to win
    View All Headlines Posts
    Previous Headlines PostFrance convenes second meeting on Ukraine with other Europeans, Canada
    Next Headlines PostUS will not lower troop numbers in eastern Europe, Polish president says