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Oil Tanker With Russian Insurance Cleared On Turkish Straits

OIL

Turkish authorities cleared an oil tanker with Russian insurance papers, a document showed.

  • The oil tanker was insured by Russian insurer Ingosstrakh.
  • Turkish authorities introduced new requirements, which came into effect on 1 Dec., in which every ship must have insurance cover in place for all circumstances when sailing through Turkish waters or when calling at ports.
  • This has led to significant congestion of 20 tankers in Turkish straits on 6 Dec., one day after the G7/EU oil price cap has been imposed.
  • Turkey previously said it will accept Russian insurance for oil tankers.

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