FT: Ships piled up in the Strait after sanctions on Russian oil
After Western countries imposed a price cap on Russian oil, the international press reported that tankers piled up on Turkish shores.
The Financial Times, one of England’s leading publications, claimed that around 19 tankers were lined up waiting to pass through the Strait and that there was a density near the Strait. According to oil trading institutions and satellite images, as the ships wait to pass through Turkish waters, Ankara is demanding a “new insurance guarantee” for all ships.
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.
Four oil company executives, speaking to the Financial Times, reported that Turkey wants new insurance documents for the ships. The ships that have been waiting since November 29 are said to have anchored near the Straits of Istanbul and the Dardanelles.
It was noted that ships from Kazakhstan, as well as Russian tankers coming from the Black Sea, were waiting due to the request.
INSURANCE AGENCY EXPLANATION: WE CANNOT CURRENTLY GIVE
The London P&I Club, which insures ships against risk, explained that Turkey’s demands go “far beyond” the information that is normally requested. While the Agency announced that it is not possible to provide such a guarantee even under the sanctions, the Agency’s chief executive, Nick Shaw, said that discussions with the relevant authorities are continuing to resolve the issue.
A US Treasury Department official said they are aware that Turkey’s new policy may disrupt the passage of ships through the Strait and have previously raised concerns about Russian oil with Turkish authorities.
The Financial Times previously wrote that Russia bought more than 100 tankers and set up a ‘shadow fleet’ against Western sanctions. In the news it was said that Turkey is among the priority routes of the fleet, and that the shadow fleet will be used to supply countries such as India, China and Turkey, which have become major buyers of Russian oil that Europe has taken away.