In 2023 Vitaly Yermakov, Senior Research Fellow at the Oxford Institute for Energy Studies wrote: “Until 2022 Gazprom sales to Turkey were subject to oil-indexation, but at the end of 2021 this was replaced by hub indexation. (Turkey insisted on the change hoping it would receive lower prices, probably in reference to 2020, but has been shocked by the tremendous gas hub price spikes through the end of 2021 and into 2022 and 2023. Turkey has since asked Gazprom for a postponement of payments and begged for discounts)." He also said that Turkey’s negotiating power with Russia for gas discounts is greater than it was before the 2022 invasion of Ukraine. A quarter of Russian gas is paid for in rubles. In late 2022 Turkey was reported to have asked Russia for a discount on gas, but prices are expected to remain high until the end of 2024.
