ByCharles Kennedy– Mar 20, 2025, 9:00 AM CDT
Turkey will get a three-month extension of the U.S. sanctions waiver allowing it to pay for Russian natural gas imports via a U.S.-sanctioned Russian bank, a Turkish official with direct knowledge of the situation told Bloomberg on Thursday.
Turkey, which imports about half of its gas from Russia, obtained the first such U.S. waiver in December, after the United States sanctioned Russian Gazprombank at the end of November.
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Before November 21, the U.S. Treasury had refrained from imposing sanctions on Gazprombank, which has been used by Russia’s European customers to pay for the natural gas they still receive from Russia.
Turkey and other remaining customers of Russian gas in Europe are using Gazprombank.
Overall, Turkey currently imports nearly all the natural gas it consumes, and most of it comes from Russia.
Turkey in November sought a U.S. sanctions waiver to continue using Gazprombank for paying for its energy imports from Russia, while also talking with Russian officials about the future of energy trade and payments.
Earlier this week, U.S. Secretary of the Treasury Scott Bessent spoke with Turkey’s Minister of Treasury and Finance Mehmet ?im?ek. Secretary Bessent briefed Minister ?im?ek on the U.S. Administration’s commitment to restoring maximum pressure on Iran in order to end its nuclear threat, curtail its ballistic missile programs, and stop its support of terrorist groups.
“The Secretary and Minister also discussed sanctions, as well as other economic and national security issues of mutual concern,” the U.S. Treasury said on Monday.
Hungary, which is one of the few EU member states still importing Russian gas, via the TurkStream pipeline through the Balkans, has also received a similar U.S. sanctions waiver to continue importing and paying for natural gas from Russia.
Unlike other EU member states, Hungary hasn’t severed ties with Russia, and top Hungarian officials, including Foreign Minister Peter Szijjarto and Prime Minister Viktor Orban, have frequently traveled to Moscow for visits and meetings with Russian officials, including with Russian President Vladimir Putin.
By Charles Kennedy for Oilprice.com
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