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Thursday, February 29, 2024

Turkey, oil. Tankers are stuck in a traffic jam after the introduction of a cap on oil prices from Russia. Turkey checks insurance. “routine procedure”

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We will continue to block tankers that do not have proper proof of full insurance, the Turkish maritime authority said on Thursday, after the US assured Turkey the day before that the imposition of a cap on the price of Russian oil does not require additional verification of ships’ insurance.

The office called insurance checks a “routine procedure”.

Turkish restrictions came into force from early December, Reuters reported. They caused delays for ships that have to pass through the Turkish straits. Currently, 19 ships are stuck in a traffic jam to cross the Bosphorus, according to the Turkish shipping agency Tribeca Shipping.

Price cap and embargo on oil from Russia

After the introduction of the price limit, tanker insurance companies cannot insure ships carrying Russian oil – regardless of its destination – unless it has been sold within the set cap.

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Embargo on importing Russian oil to the European Union by sea and agreed by the EU, G7 and Australia at $60 per barrel oil price cap from Russia transported by this route entered into force on Monday. The restrictions are intended to make financing more difficult for Russia war in Ukraine while maintaining the stability of energy supplies in the world.

Main photo source: Shutterstock

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