As a result of the oil price cap and the new regulations associated with it, some oil tankers are currently prohibited from passing through the Bosphorus Strait in Turkey. The Turkish Ministry of Transport announced on Thursday that 15 tankers were currently waiting to be checked whether the ships’ insurances were still valid. Only insured tankers are allowed to pass through the more southern Dardanelles straits.
An EU regulation has been in force since Monday, which is intended to force Russia to sell oil to customers in other countries for a maximum of 60 dollars per barrel (159 liters). Since then, Western insurance companies have only been able to insure shipments of Russian oil if the upper price limit is observed. Otherwise they have to reckon with sanctions. The G7 countries and Australia support the oil price cap.
According to the announcement, Turkey fears that a possible accident while passing through Turkish waterways will not be compensated. The Bosphorus, for example, runs through the 16 million metropolis of Istanbul.
According to the ministry, the majority of the waiting ships are in EU ports. The controls are based on a regulation that has been in force since 2002, according to which only insured tankers are allowed to cross the Dardanelles and the Bosporus.
