What Happened: Turkey stopped purchasing Iranian oil in May to meet U.S. demands and comply with sanctions on oil exports from Iran, Reuters reported May 22. Ankara reportedly shifted its oil supply sources to Russia, Kazakhstan and Iraq.
Why It Matters: Turkey's suspension of Iranian oil imports removes another source of revenue for the Islamic republic and adds to Tehran's economic worries. Ankara had previously failed to obtain a sanctions waiver to continue Iranian oil imports and decided to halt further crude purchases to avoid increasing tensions with the United States, as both countries already disagree on a variety of issues, including the impending deliveries of Russian S-400 missile systems to Turkey.
Background: In addition to Turkey, Qatar has reportedly restricted its trade with Iran to only include food and medicine to comply with sanctions by the U.S. Treasury Department.