Russia's Crude Oil Peak Causes Black Sea Mouth Congestion

In the Bosphorus Strait (file image).

REUTERS - UMIT BEKTAS

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2 mins

Since Monday, December 5, the European Union has applied an embargo on Russian oil exports transported by sea, while the EU and the G7 have imposed a cap on Russian crude at $60 a barrel.

This last measure causes a traffic jam for tankers in Turkish waters located at the mouth of the Black Sea, a transit route for Russian oil. 

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With our correspondent in Istanbul,

Anne Andlauer

On Monday, as the

Western measures came into effect

, around 20 tankers were already waiting off the Bosphorus and Dardanelles straits, which connect the Black Sea – and therefore Russian ports – to international markets.

According to the Bloomberg agency, the ships concerned transport Russian and Kazakh crude from Russian ports, and the terms of capping the price of the barrel seem responsible for the bottleneck.

► To read also: 

in Moscow, mixed reactions to the cap of the price of the Russian barrel at 60 dollars

A request for additional insurance guarantees

Indeed, if Moscow decides to sell its crude for more than 60 dollars, European companies, but also American, British or Australian, are now prohibited from providing services allowing the maritime transport of this oil to countries which do not have not decided to do without it, like China or India.

This includes insurance services.

However, the Turkish authorities are now asking for additional insurance guarantees – valid even in the event of violation of sanctions – from tankers who want to cross its straits.

► To read also: 

How Russia will continue to export its oil despite the European embargo

Guarantees that insurers refuse to give, as indicated in a press release by the

International Group

, whose members cover around 95% of the world fleet of tankers.

The group claims to be in discussions with the Turkish authorities.

► To read also:

in

Russia, revenue from the sale of oil and gas down

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  • Energies

  • Turkey

  • Oil

  • European Union

  • Russia

  • Ukraine

  • Transportation