Turkey is seeking to extend the US exemption from sanctions, which will allow it to continue buying Russian natural gas. Bloomberg writes about this with reference to Turkish officials familiar with the matter, reports UNN.
Turkey has never publicly stated when the exemption from sanctions against Gazprombank JSC, granted in December, expires. However, officials said that the exemption period should end on March 20 — in a week — and that Ankara is working to extend it. They asked not to be named, as the issue is not public.
According to Bloomberg's calculations, based on data from the national energy regulator, more than 45% of Turkey's gas imports last year came from Russia. These supplies were crucial during a colder-than-usual winter and will remain important in the summer, as hydropower generation is expected to decline.
Finance Minister Mehmet Şimşek is scheduled to hold a telephone conversation with US Treasury Secretary Scott Bessent this week to request an extension, officials said.
In November, the United States imposed sanctions against Gazprombank, an important channel for energy payments, to reduce Russia's revenue from gas sales, but later granted exemptions from sanctions to major importers Turkey and Hungary.
The Ministry of Finance and Treasury of Turkey, as well as the Ministry of Energy, declined to comment. The US Treasury Department did not immediately respond to a request for comment outside of normal business hours.
Reminder
On November 21, 2024, the United States imposed new sanctions against the Russian financial sector, including Gazprombank and more than 50 banks. The sanctions also affected 40 securities registrars and 15 financial officials of Russia.
Along with the sanctions, the US Treasury Department also issued two new general licenses, allowing US organizations to wind down transactions involving Gazprombank, among other financial institutions, and take measures to divest debt obligations or shares issued by Gazprombank.