INSEAD Day 4 - 728x90

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Alujain widens 2025 loss

The increase in loss is due to impairment charges, weaker prices.

Erdogan blames Europe’s energy crisis on Russia sanctions

Erdogan's government is announcing a steady stream of populist measures entering the election campaign. (AFP)
  • Kremlin spokesman on Monday blamed Russia's halt of gas deliveries to Germany via the Nord Stream pipeline on "sanctions that were imposed against our country"
  • Analysts believe the deal will ensure that Russia will continue to supply Turkey with gas through the TurkStream pipeline running under the Black Sea
AnkaraTurkey– Turkish President Recep Tayyip Erdogan on Tuesday blamed Europe’s energy crisis on sanctions it imposed on Russia over the invasion of Ukraine a line taken by the Kremlin itself. 

 

Erdogan has maintained good working relations with Russian President Vladimir Putin while trying to stay neutral in the conflict and supplying Ukraine with Turkish weapons and combat drones.

He told reporters before departing for a three-nation swing through the Balkans that European nations were “harvesting what they sowed” by imposing economic restrictions on Russia.

“Europe’s attitude towards Mr Putin, its sanctions, brought Mr Putin willingly or not to the point of saying: ‘If you do this, I will do that,'” Erdogan said.

“He is using all his means and weapons. Natural gas, unfortunately, is one of them.”

Erdogan’s comments echo those expressed by the Kremlin this week.

Kremlin spokesman Dmitry Peskov on Monday blamed Russia’s halt of gas deliveries to Germany via the Nord Stream pipeline on “sanctions that were imposed against our country”.

Russia accounted for nearly half of Turkey’s own natural gas purchases last year.

Turkey pledged to slowly transition to paying for the Russian imports with rubles at a summit between Erdogan and Putin in Sochi earlier this month.

Analysts believe the deal will ensure that Russia will continue to supply Turkey with gas through the TurkStream pipeline running under the Black Sea.

Erdogan said he did not expect Turkey to experience any energy shortages this year.

“I think Europe will have serious issues this winter,” Erdogan said. “We do not have such a situation.”

The spike in global energy prices caused by Russian supply disruptions has stoked an economic crisis in Turkey that has seen annual inflation soar to 80 percent and the lira plunge in value.