May 21 2019

Turkey abides by U.S. oil sanctions on Iran despite public stance

Turkey stopped purchasing Iranian oil following a U.S. resolution to end waivers from sanctions despite Ankara condemning Washington over the decision, Reuters reported on Tuesday.

The waivers that had allowed some of the country’s largest oil buyers including Turkey to continue their purchases ended on May 2. The Iranian sanctions were reinstated after U.S. President Donald Trump withdrew from the 2015 nuclear deal between Iran and six world powers.

"According to Refinitiv tracking data, no tankers loaded in Iran have arrived at Turkish ports so far in this month," Reuters said, "The data shows that Turkey began trimming its Iranian imports as early as March," it added.

Turkey has replaced the Iranian oil with oil from Iraq, Russia and Kazakhstan, according to Reuters.

Ankara has repeatedly criticised the U.S. decision to fully re-impose sanctions on Iranian oil since Turkey has no reserves of its own and is dependent on oil and gas imports and the U.S. move leaves Ankara vulnerable to a rise in energy prices.

Meanwhile, Turkey's economy is still recovering from the previous crisis with Washington last year, which caused the collapse of Turkish lira in August after Trump imposed sanctions on Ankara over the detention of American pastor Andrew Brunson on terror charges.

https://www.reuters.com/article/iran-oil-turkey/despite-rhetoric-turkey-complies-with-us-oil-sanctions-on-iran-idUSL5N22W3GK?fbclid=IwAR3ftUJyteSRAWfq3i2aG4EKzmPeS23elpl7vslgVoQpj7pY6ZWDEknrS80