Turkey announced its readiness to buy oil from Russia without the participation of the West

In the event of any sanctions, Ankara is ready to develop tools that allow it to "adapt to the new situation" and buy Russian oil without violating any of the restrictive measures, the Turkish Finance Ministry said.

Turkey is able to purchase and transport Russian oil if necessary without Western financing or insurance, Turkish Treasury and Finance Minister Nureddin Nebati told The Wall Street Journal.

According to him, Ankara must do "everything necessary to protect" its interests. “In the event of any sanctions, Turkey has every opportunity to develop tools to adapt to the new situation without violating any of the sanctions,” Nebati said (cited by the Cumhuriyet newspaper).

The minister made this statement after the European Union approved a new package of sanctions against Russia. In addition to the previously approved embargo on offshore shipments of Russian oil, it introduces a ceiling on fuel prices.

The restrictions will come into effect on December 5. From now on, the EU and the G7 countries will prohibit banks, insurers and ports from financing the purchase and sale of Russian oil, insuring cargo on ships or unloading them if the price of oil on board a tanker exceeds the established limit. Thus, the European Union intends to achieve an embargo on services related to the export of oil, which will significantly complicate its transportation by sea.

However, the size of the price ceiling has not yet been determined. The EU countries are discussing this issue, including with partners in the G7, and must make a decision unanimously.

The Russian authorities, in turn, warned that the country would not supply oil to those countries that would introduce a price ceiling. “Whatever it is, $60 or something else. This is interference in market instruments. We are ready to work with those consumers who are ready to work on market conditions,” said Deputy Prime Minister Alexander Novak.