Oil embargo against Russia: Turkey shows Russian oil tankers the red card
Created: 2022-12-13, 4:07 p.m
By: Thomas Schmidtutz
Russian oil tankers: Turkey has banned five ships from its waters.
© IMAGO/Vitaly Timkiv
In view of the Ukraine war, the West has restricted insurance cover for tankers carrying Russian oil.
Now Turkey is pulling the emergency brake.
Istanbul – Turkey has banned five oil tankers from its waters due to a lack of insurance.
The Turkish Ministry of Transport announced on Monday that the Dardanelles Strait had been closed.
The background is the EU oil price cap that has been in effect since December 5th.
The regulation is intended to force Russia to sell oil to buyers in other countries for a maximum of $60 per barrel (159 liters).
Since then, Western insurers have only been able to insure shipments of Russian oil if this upper price limit is actually adhered to.
Turkey refers to missing proof of insurance
According to the Ministry of Transport, the five tankers had already been waiting for passage when the new rules came into force.
Because of the price cap, there were traffic jams and delays for oil transports on Turkish waterways.
Turkey cited the lack of evidence of insurance coverage as the reason.
According to the official statement, the government fears that an accident while passing through Turkish waterways will not be compensated.
However, it is assumed that traffic will continue without any problems in a few days, the Ministry of Transport said.
The forwarding agency Tribeca also said that "things" would return to normal and insurers would submit the necessary documents.
According to the ministry, 16 tankers are now waiting to cross the Bosphorus, from the Black Sea to the Mediterranean.
Four of them should pass the straits on Monday.
The others had not yet submitted any relevant proof of insurance.
The waiting tankers are loaded with 1.8 million tons of oil.