Wednesday, February 1, 2023

After limiting the price of Russian oil, tankers congested in Turkish waters

December 6th, according to the Financial Times website on December 5, oil tankers congestion occurred in Turkish waters after the West imposed a “price cap” on Russian oil, and as the Turkish authorities asked insurance companies to promise that any ship passing through its waters would be fully covered. Phenomenon.

According to the report, according to the EU sanctions that came into effect on the 5th, tankers loaded with Russian crude oil will not be able to receive Western maritime insurance unless the crude oil is sold at the price cap of $60 per barrel set by the Group of Seven.

According to the report, four oil industry executives said that Turkey has required all ships to provide new insurance certificates. A spokesman for the Turkish Ministry of Transport did not immediately respond to the request for comment.

Russia said that even if it is cut off from the Western insurance market, it will continue to export oil. Russia said it would not deal with any country that complies with the price limit.

According to the report, according to ship brokers, oil dealers and satellite tracking services, on the 5th, about 19 ships carrying crude oil were waiting to pass through Turkish waters. These tankers anchored near the Bosphorus and Dadanelle Straits, which connect Russia’s Black Sea ports with international markets. According to a ship broker who did not want to disclose his name, the first tanker arrived on November 29 and had been waiting for six days.

According to the report, oil tankers waiting in and around Turkish waters is a preliminary sign that the oil price limit on Russia may not only disrupt Russian exports, but may also disrupt global oil flows.

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