Türkiye defers payment for Russian gas – Reuters
Ankara will postpone $600 million in energy bills to Moscow until next year under a new deal, sources told the outlet
Türkiye has agreed with Russia to delay a $600 million natural gas payment until next year, Reuters reported on Wednesday, citing sources.
Last week, Ankara announced an agreement with Russia’s Gazprom on deferring payment for part of the natural gas it imported after a surge in prices last year, but did not specify the amount.
Türkiye may defer up to $4 billion in energy payments to Russia until 2024 under the terms of the agreement, sources told Reuters on condition of anonymity.
Ankara’s current account deficit soared last year, driven by an increase in energy сosts. Türkiye reportedly spent almost $100 billion on energy imports in 2022. In the year to February, the country imported 39% of its total 53.5 billion cubic meters (bcm) of natural gas from Russia.
The delay on gas payments is seen as relief for the Turkish budget, which has been strained largely due to the fiscal policy to support the lira.
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“Officially a payment worth $600 million has been postponed to next year. The increase in energy prices had a huge impact on this,” Reuters said, citing a source.
The outlet added that further payments could be pushed back in the coming months, depending on energy prices.
Türkiye is highly reliant on oil and gas imports from Russia, Azerbaijan, Iran, Nigeria, and Algeria, as well as on liquefied natural gas supplies from Qatar and the US.
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May 10, 2023 at 11:27PM
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