Türkiye seeks proof of insurance from Russian oil tankers

Türkiye seeks proof of insurance from Russian oil tankers

Türkiye seeks proof of insurance from Russian oil tankers

Türkiye said on Dec. 7 it has started requesting proof of insurance from tankers loaded with Russian crude oil after Western powers imposed a price cap to punish the Kremlin for its war on Ukraine.

But a Turkish official denied that the measure was slowing the passage of oil ships to world markets through the Bosphorus and Dardanelle straits.

The European Union and the Group of Seven leading industrialised nations agreed last week to block Western insurers from covering ships that intend to sell Russian oil for more than $60 a barrel.Australia has also joined the new sanctions aimed at depriving Russia of one of its main sources of revenue.

The TankerTracker.com industry monitor said early Wednesday that Russian seaborne crude oil exports had halved in the past 48 hours.One source told AFP that Turkish officials began requesting proof of insurance from tankers passing from Russia at the start of the month."We want to be sure about the coverage because they have started to cancel it," an official source told AFP on condition of anonymity.

An unnamed Turkish official told the Anadolu state news agency that "the majority of international insurers" no longer provide coverage for Russian crude."God forbid, if an accident happens in the straits, who would cover the damages that can reach billions of dollars? Who would be responsible?" the Turkish official asked.

But the official also rejected Western media reports suggesting that Türkiye's new rules have created a logjam of Russian ships in the two straits.The official said there were no "significant" changes to marine traffic and that Türkiye could take extra measures to "prevent congestion".A 1936 treaty guarantees the freedom of navigation to merchant vessels passing through Türkiye's two straits.But it also gives Türkiye the right to regulate security - a provision it is now using to make sure the oil ships are insured against spillage and other accidents.


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