Turkey’s imports of Urals crude are set to rise in May after top Turkish refiner, Tupras, resumed importing Russian crude now that it is trading below the $60 per barrel Western price cap, LSEG data showed and two traders said.

Tupras resumed buying Urals crude in April after halting purchases of Russian crude in February due to U.S. sanctions.

Urals prices have been trading below $60 per barrel in Russian ports since April 3, according to Reuters data.

Tupras didn’t immediately respond to a Reuters request for comment.

The price cap introduced by the Group of Seven (G7) countries does not allow Western companies to provide insurance or transport services for Russian oil cargoes sold at more than $60 per barrel.

Urals crude oil supplies from Russian ports to Turkey in May are scheduled to total 1.2 million tons (some 283,000 barrels per day), LSEG data showed, up from 0.9 million tons in April and matching the level seen in January. The May data may be updated further and some traders expect supplies to be above volumes currently forecast.

Turkey is the second largest importer of seaborne Urals crude oil after India. The country has not joined Western sanctions against Russia, but complies with international laws and restrictions.

In addition to Urals, Turkey also imports CPC Blend oil, which is mainly produced by companies in Kazakhstan, but is loaded from Russia’s Yuzhnaya Ozereyevka. With the expected supplies of CPC Blend oil onboard, Turkey’s oil imports from Russian ports will reach almost 2 million tons in May, which will be the highest since July 2024, according to LSEG data.
Source: Reuters