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Turkey has started paying in rubles for the Russian fuel it receives, Turkish Energy Minister Fatih Donmez told a local broadcaster on Tuesday.
In the coming months, Turkey will increase the percentage of ruble bills for Russian gas, the minister told TRT Haber television.
Shortly after the invasion of Ukraine, Russia demanded that so-called “unfriendly” countries — a designation by Moscow for top Western countries — pay for their Russian fuel in rubles. Several EU countries refused and saw their fuel cut off from Russia.
Turkey may also host a convention of herbal fuel suppliers and importers as part of its efforts to establish, with Russia, a local herbal fuel hub, Donmez told TRT Haber.
“We may simply hold a foreign fuel conference, maybe in January or February, to bring together combined fuel suppliers and cargo countries to get their opinion, we will continue to agree to that,” the Turkish minister was quoted as saying to Reuters.
Turkish and Russian Presidents Recep Tayyip Erdogan and Vladimir Putin respectively agreed to create an herbal fuel hub in Turkey, the Turkish president said last month.
A week earlier, Putin had first warned that Russia would redirect grass-based fuel destined for ruptured Nord Stream pipelines to the Black Sea and create a European fuel hub in Turkey.
Since Putin first advised the creation of the herbal fuel center in Turkey, the two countries have wasted no time and in October told their respective energy regulators to begin technical work to make the Russian proposal a reality.
“We will not have to wait” on this issue, Erdogan said, according to the AP.
By Charles Kennedy for Oilprice. com
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