Turkey Says It Gets US Sanction Waiver Extension for Russian Gas

(Bloomberg) -- The US has agreed to extend a sanction waiver, which would allow Turkey to continue buying Russian natural gas until May, according to a Turkish official with direct knowledge on the matter. 

The three-month exemption granted to Turkey was set to expire on March 20. More than 45% of the country’s gas imports came from Russia last year, according to Bloomberg calculations based on data from the national energy regulator. Those supplies have been crucial during a colder-than-usual winter and will remain important in the summer because hydropower generation is expected to decline.

Turkey’s Treasury and Finance Minister Mehmet Simsek and US Treasury Secretary Scott Bessent had spoken on the phone earlier this week and “discussed sanctions, as well as other economic and national security issues of mutual concern,” according to a statement released by the US Treasury Department.

The US imposed sanctions on Gazprombank, a financial institution crucial for energy payments, in November to tamp down on Russia’s gas revenues. However, major importers Turkey and Hungary were later granted exemptions.

Turkey’s Treasury and Finance Ministry and the Ministry of Energy and Natural Resources declined to comment. The US embassy in Ankara referred questions to the Treasury, which didn’t respond to a request for comment outside normal business hours. 

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