A traffic jam of oil tankers has built up in Turkish waters after western powers launched a “price cap” targeting Russian oil and as authorities in Ankara demanded insurers promise that any vessels navigating its straits were fully covered.
Under EU sanctions that came into effect on Monday, tankers loading Russian crude oil are barred from accessing western maritime insurance unless the oil is sold under the G7’s price cap of $60 a barrel. The cap was introduced to keep oil flowing while still crimping Moscow’s revenues.
Four oil industry executives said Turkey had demanded new proof of insurance in light of the price cap. A Turkish transport ministry spokesman did not immediately respond to a request for comment.
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