Turkey will close the straits for Russian oil

Turkey has decided to tacitly join new sanctions on Russian oil, which include a “price ceiling” and a ban on tanker insurance.

From December 1, Turkey will close the Bosporus and Dardalenne straits for ships carrying oil if they do not have insurance coverage. According to Bloomberg, the Turkish Ministry of Transport sent such a circular to shipowners.

It will become almost impossible for Russian oilmen to freely obtain insurance under the new sanctions regime: from December 5, only tankers that transport oil at a price below the established “ceiling” will have access to it.

At the same time, sanctions on insurance services will become almost total. They were joined by Britain, where the International Group of P&I Clubs, or IG P&I, is based. It unites 13 largest ship insurance clubs (England, USA, Scandinavia, Japan, etc.), which together provide insurance for about 90% of the world’s tonnage of ships.

A Turkish official from the maritime control system confirmed that the decision was due to compliance with European sanctions, although Turkey has not formally joined them.

From the innovations, the official admitted, Russian tankers will suffer, which will not be able to receive insurance guarantees for damages in the event of an emergency – for example, an oil spill. The decision is connected with the need to ensure the safety of the straits, the official stressed.

The entire export of Russian oil from Novorossiysk – about 650,000 barrels per day – could be under attack.