Türkiye obstructs oil tankers coming from Russia and Kazakhstan that cross its straits from the Black Sea without an insurance policy

Oil shipments from Russia and Kazakhstan have begun to be subject to a Turkish government rule that requires tankers to provide proof that tankers are insured when they sail through the important Bosporus strait for shipping.

According to Bloomberg News, the measure, which came into effect from last Friday, obliges tankers loaded with crude oil to have a letter from their insurance company guaranteeing coverage while they are in Turkish waters.

The requirement came in response to European Union sanctions that took effect on Monday, and provides insurance for shipments purchased at $60 a barrel or less.

This means that the Turkish authorities are unable to use the traditional verification system, by searching the websites of insurance companies on the Internet, to determine whether the ships are covered by insurance.

This requirement applies to any tanker carrying crude oil coming from the Black Sea, not just from Russia.

It depends heavily on the flow of Kazakhstan’s oil, amounting to 1.5 million barrels per day, through the Caspian Sea pipeline on the Bosphorus and Dardanelles straits, to deliver its crude to international markets.

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