Turkey negotiates a U.S. waiver to pay for Russian gas through Gazprombank

Turkey seeks a waiver from U.S. sanctions to continue paying for its gas imports via Gazprombank, which is critical to its energy security, according to Turkish Energy Minister Alparslan Bayraktar.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Turkey is engaged in discussions with the United States to secure an exemption from sanctions imposed on Gazprombank, Russia’s main lender, to ensure payments for its natural gas imports. These negotiations follow Washington’s recent expansion of sanctions against 118 entities and individuals linked to the Russian financial sector, part of measures aimed at weakening Russia’s economic and military capabilities in the Ukrainian conflict.

Turkish Energy Minister Alparslan Bayraktar warned on Monday that the absence of such a waiver could seriously undermine the country’s energy security. “If we don’t get this exemption, it will be impossible to make payments to Russia, which could have serious consequences,” he told the press before a cabinet meeting in Ankara.

Gazprombank plays a central role in energy transactions between Turkey and Russia, especially for natural gas payments. With around 42% of its gas needs supplied by Russia, Turkey relies heavily on this partnership to meet its energy demands. This dependency highlights Ankara’s diplomatic challenges as it navigates its relations with both the West and Moscow.

A precedent with sanctions against Iran

Minister Bayraktar noted that there have been precedents where the U.S. granted exemptions for transactions with Iran despite sanctions targeting Tehran’s regime. However, he emphasized the complexity of the process required to secure such a waiver. “Lifting sanctions takes time and requires extensive negotiations,” he stated.

This waiver request comes as President Joe Biden’s administration nears the end of its term in January 2025. Bayraktar also questioned the timing of the sanctions, which he believes could further strain relations between Washington and Ankara during an already sensitive period.

A delicate balance in the Ukrainian conflict

Since the outbreak of the war in Ukraine in February 2022, Turkey has strived to maintain a neutral stance while playing a mediator role. Although Ankara has supplied Ukraine with military drones used in the conflict, it has resisted Western calls to impose sanctions on Russia. This position has allowed Turkey to preserve its strategic ties with Moscow, particularly in the energy sector.

This diplomatic tightrope has enabled Turkey to continue its role as an intermediary in peace negotiations while maintaining the country’s energy supply. However, the recent wave of U.S. sanctions on Gazprombank could force Ankara to reconsider its strategy.

An ongoing gas hub project

As part of its energy strategy, Turkey aims to become a regional gas trading hub. To this end, negotiations are underway with Russia to establish a hub in Istanbul, the country’s largest city. Minister Bayraktar confirmed that a memorandum of understanding had been sent to Gazprom to strengthen this collaboration. However, despite these ambitions, Turkey’s current dependence on Russian gas remains a significant obstacle to achieving these goals.

Manila plans to expand gas and renewable energy production to meet a 6.6% increase in electricity demand over the next two years.
Ottawa and London increased bilateral exchanges to structure strategic cooperation on nuclear energy and critical minerals supply chains, as part of Canada’s G7 presidency.
Donald Trump says he secured Narendra Modi’s commitment to end Russian oil imports, adding political pressure to India-Russia trade relations.
Under intense diplomatic pressure from Washington, member states of the International Maritime Organization agreed to postpone by one year the adoption of a carbon pricing mechanism for global maritime transport.
Washington confirms it has mandated the CIA to carry out secret actions against Nicolas Maduro’s government, escalating tensions between the United States and Venezuela amid geostrategic and energy stakes.
Two European Parliament committees propose to advance the full halt of Russian hydrocarbon imports to 2026 and 2027, including oil, gas, and LNG, strengthening the European Union’s geopolitical position.
The COP30 conference hosted in the Amazon by Brazil faces low participation from global leaders, amid geopolitical tensions and major logistical challenges.
The United States has granted Trinidad and Tobago a special licence to resume negotiations with Venezuela on the Dragon gas field, partially lifting restrictions imposed on the Venezuelan energy sector.
Ambassadors of European Union member states have approved the transmission of a legislative proposal to phase out Russian fossil fuel imports by January 2028 to the Council of Ministers.
The State Duma has approved Russia’s formal withdrawal from a treaty signed with the United States on the elimination of military-grade plutonium, ending over two decades of strategic nuclear cooperation.
Polish Prime Minister Donald Tusk said it was not in Poland’s interest to extradite to Germany a Ukrainian citizen suspected of taking part in the explosions that damaged the Nord Stream gas pipelines in 2022.
Al-Harfi and SCLCO signed agreements with Syrian authorities to develop solar and wind capacity, amid an ongoing energy rapprochement between Riyadh and Damascus.
Faced with risks to Middle Eastern supply chains, Thai and Japanese refiners are turning to US crude, backed by tariff incentives and strategies aligned with ongoing bilateral trade discussions.
France intercepted a tanker linked to Russian exports, prompting Emmanuel Macron to call for a coordinated European response to hinder vessels bypassing oil sanctions.
The activation of the snapback mechanism reinstates all UN sanctions on Iran, directly affecting the defence, financial and maritime trade sectors.
Commissioner Dan Jørgensen visits Greenland to expand energy ties with the European Union, amid plans to double EU funding for the 2028–2034 period.
European and Iranian foreign ministers meet in New York to try to prevent the reinstatement of UN sanctions linked to Tehran’s nuclear programme.
Canadian Prime Minister Mark Carney announces a bilateral agreement with Mexico including targeted investments in energy corridors, logistics infrastructure and cross-border security.
The US president has called for an immediate end to Russian oil imports by NATO countries, denouncing a strategic contradiction as sanctions against Moscow are being considered.
Tehran withdrew a resolution denouncing attacks on its nuclear facilities, citing US pressure on IAEA members who feared suspension of Washington’s voluntary contributions.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.