The US has warned Turkey of a “real risk of sanctions” if its companies continue to help Russia with oil exports

The US remains concerned that Turkey is at the center of sanctions violations against Russia, including through a shadow fleet for Russian oil. Washington has warned the Turkish government and private sector of the "very real risks of sanctions."

This is stated in the material of The Wall Street Journal.

"We are in constant dialogue with the Turkish government on these issues. We sincerely hope to avoid a scenario where a Turkish company is subject to sanctions, and we have worked with both the government and the private sector to inform them of the very real risks," the Western diplomat said, referring to the US governmentʼs talks with the Turkish state. and the private sector.

At the heart of The Wall Street Journal story is Beks, a Turkish company that has acquired at least 36 vessels not insured by the P&I Clubs—many of which evade Western sanctions by operating outside normal industry standards, often forgoing P&I Clubs insurance (the company insures 90% of world commercial shipping). Some use the parallel Russian insurance system, which was created after the war.

One of the companyʼs largest vessels, the Beks Sun crude oil tanker, called at the port of Russiaʼs state-owned Transnafta oil pipeline terminal in Kozmino in July before heading to India, shipping records show. Most of Beksʼ shipping business goes to and from Russia, often transporting oil to China, India and other buyers.

Beks was founded more than ten years ago. She has operated with a small fleet for many years — only six vessels for 2021. The company started as a spin-off of Turkish textile magnate Ali Bekmezji (making socks and underwear for Western brands such as H&M).

The company has been actively expanding over the past two and a half years. At the same time, its spending accelerated after the Russian invasion of Ukraine, and since 2022 it has purchased 17 ships. The company currently owns 41 vessels valued at $782.61 million, roughly 10 times the value of its fleet in 2021.

• Saudi Arabia has expressed dissatisfaction with Russia due to its oil production volumes; tensions are growing in the relations between the countries. The latest data shows that Russia continues to pump large volumes of oil into the market, which has helped boost its profits but worsened the oversupply situation. As a result, oil prices fell by almost 10% compared to April, the newspaper writes. What Riyadh will do with this and how it will react is still unclear.
• Switzerland has launched an investigation into whether its oil trader Paramount Energy & Commodities DMCC is evading sanctions against Russia with the help of its overseas subsidiary.