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Turkey emerged as an obstacle to Western plans to cut Russia’s revenue from priced oil sales when 28 tankers were taken hostage. Photo/Doc
Ankara – the capital of Turkey – has refused to scrap new insurance inspection rules it implemented earlier this month, despite pressure from Western officials. “A total of 28 tankers are on the line trying to leave the Bosphorus and the Dardanelles,” the Tribeca shipping agency said over the weekend.
Read also: Europe Beware of Turkey Turning Russia into a place to hide gas
As is known, wealthy G7 member countries, the European Union (EU) and Australia have reached an agreement to ban shipping service providers, such as insurance companies, from helping to export Russian oil. Except if the crude oil is sold at a low price according to the limit.
The rule aims to deprive Moscow of revenues as a response from the West to Russia’s invasion of Ukraine. Meanwhile, the Turkish maritime authority has said it will continue to keep tankers out of its waters that do not have proper insurance documents.
Read also: Russia plans to cut oil production to counter Western sanctions that limit prices
Western insurers say they cannot provide the documents requested by Turkey because it could subject them to sanctions if the oil shipments they are protecting are found to be selling for exorbitant prices.
Turkish authorities said that in the event of an accident involving a vessel violating the sanctions, there is a possibility that the damage will not be covered by the international oil spill fund.
“(It is) impossible for us to take the risk that the insurance company fails to fulfill its indemnification responsibilities,” he said, adding that Turkey is continuing talks with other countries and insurance companies.
He added that most of the vessels waiting near the strait were EU vessels, with most of the oil destined for EU ports, a factor which has frustrated Ankara’s western allies.
