Turkey seeks sanctions waiver for Russian gas payments amid U.S. sanctions

Turkey is currently negotiating with the United States for a waiver from new sanctions that would impact its ability to pay for Russian natural gas. This development comes in the wake of sanctions imposed by the U.S. on November 21, which targeted numerous Russian financial institutions, notably Gazprombank. In a statement made on November 25, Turkish Energy Minister Alparslan Bayraktar emphasized the potential consequences of these sanctions on Turkey's energy supply, indicating that if payments cannot be made, the country would be unable to procure necessary goods from Russia. Turkey relies heavily on Russian natural gas, which accounted for over 40% of its energy consumption in the previous year. The U.S. sanctions were put in place to make it more challenging for Russia to finance its military operations, especially in the context of the ongoing war in Ukraine. There is a notable concern in Turkey regarding the implications of these sanctions, with Bayraktar suggesting that the sanctions would directly target Turkey rather than Russia. The discussions for a sanctions exemption began as Turkey learned about the forthcoming sanctions, showcasing the urgency of the matter from Turkey’s perspective. Past U.S. policy had shown some restraint in targeting Gazprombank to allow European countries to manage their gas payments, but with the latest sanctions, the situation has shifted. The possible halt of natural gas flow from Russia to Europe through Ukraine post-2024 adds another layer of urgency. If Turkey cannot secure a waiver, it may experience significant disruptions in its energy supply, potentially leading to broader economic consequences. As talks between Turkey and the U.S. continue, the outcome of these discussions could have implications not only for Turkey but also for the energy landscape in Europe and the broader geopolitical dynamics in the context of U.S.-Russia relations.