Russia’s diesel and gasoil shipments to Türkiye hit a record high in February as traders rerouted cargoes after a European Union ban on Russian oil products, according to traders and Refinitiv data.
A full EU embargo on Russian oil products went into effect on Feb. 5, sending Russian diesel cargoes to Africa and Asia instead of Europe and boosting ship-to-ship (STS) loadings.
February diesel and gasoil exports to Türkiye could reach a record high of 1 million tons, according to Refinitiv shipping data and Reuters calculations.
Türkiye used to receive diesel from the Russian Black Sea ports of Novorossiisk, Tuapse and Taman, which were doubled last month with volumes from the Baltic ports of Primorsk, Ust-Luga and Vysotsk.
The final destinations of some cargoes remain unclear.
“It looks like Türkiye could increase its own diesel exports after a big Russian inflow,” one trader said.
The EU ban comes along with a price cap agreed by the Group of Seven allied democracies. The goal is allowing Russian diesel to keep flowing to countries like China and India and avoiding a sudden price rise that would hurt consumers worldwide, while reducing the profits funding Moscow’s budget and war.
However, industry experts fear the move could be counterproductive and have a profound impact on European energy markets compared to a similar ban on Russian crude oil in December, as the bloc imports almost half of its diesel from Russia.
Russia also began diesel exports to Saudi Arabia in February as it seeks to contend with the EU embargo, traders said and Refinitiv data shows.
At least three cargoes carrying 190,000 tons of diesel loaded in the Russian Baltic port of Primorsk in February are now heading to Saudi Arabia, Refinitiv data shows.
Tanker Srini, with 66,000 tonnes of Russian diesel, is discharging in the Saudi Arabian port of Jeddah while the Apanemo and Zarya are destined for Ras Tanura, the data shows.
Saudi Arabia, which itself exports huge volumes of oil products, could reexport Russian diesel to other destinations after some refining, traders said.
