Traffic jam in Turkish territorial waters: at least 20 tankers are waiting

A major development came after Britain’s Financial Times newspaper announced that Russian tankers from the Black Sea had piled up in the Straits following maximum price restrictions imposed by Western countries on Russian oil.

The Financial Times wrote that Ankara wants new insurance guarantees for all ships, while the British news agency Reuters wrote that activity in the region affected the course of Turkish territorial waters.

In the story provided by the British news agency Reuters with the phrase “last minute”, it was stated that at least 20 tankers that wanted to leave for the Mediterranean from ports on the Russian Black Sea coast had to wait in Turkish territorial waters and it was put online

A source speaking to Reuters announced that operators are almost competing to take out insurance.

Western governments imposed a cap of $60 a barrel on Russian oil exports on Friday to limit Moscow’s oil revenues due to the invasion of Ukraine. Russia, on the other hand, opposes the price cap decision on the grounds that it will cause instability in world energy markets.

Following this development, the need arose for Western parties to provide a guarantee.

It was also reported that at least 10 oil tankers belonging to Kazakhstan were waiting due to delays in the Strait.

INSURANCE INSURANCE

On the other hand, when some international insurance companies canceled the insurance of many tankers due to the sanctions imposed on Russia for the Ukraine war and did not undertake any compensation obligation, Turkey demanded confirmation of their insurance coverage.

According to information provided by the Turkish authorities, which spoke to the AA correspondent, international insurers, mostly based in England, expect Turkey to pass oil tankers through the Bosphorus without any guarantee to comply with EU sanctions. In this way, the insurers expect both to comply with the sanctions and to maintain their responsibilities towards the shipowners that maintain commercial relations.

However, the announcement by international insurance companies that insurance on many tankers may not be valid within the scope of international sanctions against Russia raises uncertainty.

In fact, these insurance companies declared that by canceling the insurance of many oil tankers, they would not indemnify accidents involving these vessels, such as pollution cleanup, damage to third parties, or removal of the vessel. from your location.

So, from December 1, 2022, Turkey began to require confirmation that the insurances of ships carrying crude oil, which have a very high probability of causing disasters in possible accidents, are still valid and inclusive during their passage. through the Turkish Strait.