TANKERS with russian oil were stalled on the Black Sea side of the Bosphorous, prevented from continuing to the Mediterranian by Turkey's demand for satisfactory insurance letters, reports Bloomberg.
Turkey's move was a response to European Union sanctions against Russia that bar insurance of vessels if the oil they're carrying costs above US$60 a barrel.
Turkey insisted on proof that oil-carrying ships are insured after European Union sanctions on Russia came into effect. It has come under pressure from the US and UK and also the insurance industry to change its rules.
Twenty six tankers holding more than 23 million barrels of oil from Kazakhstan were unable to pass, according to one count.
But the Turkish Transport Ministry said the large number of vessels now waiting to navigate the straits shouldn't be used to pressure Ankara over rules requiring proof the tankers are insured.
The ministry said it would remove laden tankers without insurance letters from its waters, although it wasn't clear if its approach might actually free some of the blocked vessels.
Turkey announced that passing tankers would have to provide letters from their insurers proving they were covered to navigate the straits, through which almost 700 million barrels of crude flowed in the past year.
SeaNews Turkey
Turkey's move was a response to European Union sanctions against Russia that bar insurance of vessels if the oil they're carrying costs above US$60 a barrel.
Turkey insisted on proof that oil-carrying ships are insured after European Union sanctions on Russia came into effect. It has come under pressure from the US and UK and also the insurance industry to change its rules.
Twenty six tankers holding more than 23 million barrels of oil from Kazakhstan were unable to pass, according to one count.
But the Turkish Transport Ministry said the large number of vessels now waiting to navigate the straits shouldn't be used to pressure Ankara over rules requiring proof the tankers are insured.
The ministry said it would remove laden tankers without insurance letters from its waters, although it wasn't clear if its approach might actually free some of the blocked vessels.
Turkey announced that passing tankers would have to provide letters from their insurers proving they were covered to navigate the straits, through which almost 700 million barrels of crude flowed in the past year.
SeaNews Turkey
