There is a congestion of tankers in the Turkish straits due to the embargo on russian oil

After the G7 countries and the European Union introduced a “price ceiling” for russian oil, a traffic jam with tankers formed in the waters of Turkey.

We will remind you that yesterday, December 5, the embargo on sea supplies of russian oil to EU countries came into effect. Also, the price ceiling for oil from russian federation at the level of $60 per barrel is starting to take effect. Because of this, tankers loading russian rawcannot access Western marine insurance.

Since December 5, approximately 20 tankers with crude oil have been waiting in line to pass through Turkish waters. Most of the oil on these ships is of Kazakh origin, so it is not subject to Western sanctions.

Ankara has asked all tankers passing through the Turkish Straits to provide letters from their P&I Clubs confirming that insurance cover will remain in place to cover incidents such as oil spills and collisions.

Turkish authorities are also reported to be allowing tankers carrying petroleum products such as gasoline and diesel, rather than raw oil, to pass freely as EU sanctions on these fuels have not taken effect.