Tankers line up off Turkey as Russian crude price cap kicks in – FT

Dec 5 (Reuters) – Oil tankers formed a traffic jam off the Turkish coast on the first day of Russian crude price caps in the West as Ankara insists on new proof of insurance for all vessels, the Financial Times reported on Monday. .

About 19 tankers were waiting to cross Turkish waters on Monday, the report said, citing ship brokers, oil traders and satellite tracking services.

A $60-a-barrel price cap imposed by the Group of Seven nations, Australia and the 27 European Union states on Russian maritime crude went into effect this week, the latest Western move to punish Moscow for its invasion of Ukraine.

The agreement allows the shipment of Russian oil to third countries using tankers from the G7 and European Union member states, insurance companies and credit institutions only if the cargo is purchased at or below the ceiling.

Russia said on Monday that a Western cap on its oil prices would destabilize world energy markets but would not affect its ability to support what it calls its “special military operation” in Ukraine.

According to the Financial Times report, four oil industry executives said Turkey had demanded new proof of comprehensive insurance cover for all vessels sailing through its straits in light of the measures.

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

The ships had anchored near the Bosphorus and the Dardanelles, the two straits connecting Russia’s Black Sea ports to international markets.

The first tanker arrived on November 29 and has been waiting ever since, according to the report citing a shipbroker who asked not to be named.

Reporting by Bharat Govind Gautam in Bengaluru; Editing by Sandra Maler and Jan Harvey

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