Turkey announces the end of the Russian crude oil transport crisis linked to the fixing of the maximum price

Turkey announced on Tuesday the end of the Russian crude oil shipping crisis linked to the price cap, which caused a gridlock for tankers in the strait last week.

In a statement, the Directorate of Maritime Affairs (a public body linked to the Turkish Transport Ministry) said that “talks with our interlocutors have led to the resumption of maritime trade as usual”.

The release stated that “22 out of 26 tankers that were on hold because they did not present an insurance policy had presented this document, and 19 of them passed, leaving only 4 vessels that needed to present their insurance policy.”

And the entry into force of the European embargo on Russian oil and the setting of a ceiling on its price caused hinder the shipment For black gold, which has already slowed down due to new procedures related to the safety of tankers, about 20 tankers It has been waiting in the Black Sea since last Wednesdaycrossing the Bosphorus Strait and the Dardanelles under Turkish control, as the congestion was formed against the background of the price cap mechanism approved by the European Union andGroup of Seven and AustraliaIt provides only for the delivery of crude oil sold at a maximum price of 60 dollars a barrel and prohibits companies from providing maritime transport services, in particular insurance, if its price exceeds this limit.

For its part, Turkey has asked, since the beginning of December this year, in implementation of this decision, from vessels intending to use its straits, concrete proof of the existence of a “protection and compensation” insurance, since the Turkish authorities have been working with diplomats and European insurance companies to reach an agreement suitable for all parties.

Russia is Europe’s main oil supplier, as its exports cover 20% of the continent’s crude needs.

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