Turkey: Overcrowding of oil tankers after the imposition of a ceiling on the price of Russian oil

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Oil tankers have anchored near the Bosphorus and Dardanelles straits, two straits that connect Black Sea ports to international markets.

Nineteen oil tankers remain anchored off the Turkish coast since yesterday Monday, after the ceiling on the price of Russian crude oil came into effect, as Ankara requests new certificates for the insurance coverage of the ships, as reported by the Financial Times.

Oil tankers have anchored near the Bosphorus and Dardanelles straits, two straits that connect Black Sea ports to international markets.

The G7, Australia and the EU27 imposed a $60-a-barrel price ceiling on Russian crude shipped by ship in retaliation for Russia’s invasion of Ukraine.

Moscow warned yesterday that the cap would destabilize energy markets internationally, stressing that the measure would have no impact on the “special military operation” — as it calls the invasion of Russian troops — in Ukraine.

According to the Financial Times report, four oil industry executives said that Turkish authorities have requested new certificates of full insurance coverage for every tanker in the country’s territorial waters.

Turkey’s Transport and Infrastructure Ministry did not respond to a Reuters request for comment.

RES-EMP

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