As Turkey Shunned Russian Gas, Its Companies Amassed Debt

A string of Turkish businesses have accumulated financial debt of about $two billion to Russian state strength huge PAO Gazprom, according to individuals common with the issue, legal responsibility that could hinder Ankara’s drive to reduce its reliance on Russian all-natural fuel, in section by boosting imports from the U.S.

Seven private Turkish businesses, which have dedicated to shopping for substantial annual quantities of fuel from Gazprom under lengthy-term “take-or-pay” contracts, obtained much less than 15% of agreed volumes previous calendar year, and failed to meet payment obligations…