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Turkey To Demand Insurance Details For Tankers in Turkish Straits

OIL

Turkey plans to demand from oil tankers passing through its key shipping straits that they must provide proof that they are insured to do so, ahead of the EU’s sanctions on Russian seaborne crude on 5 December.

  • From 1 Dec ships carrying oil through the Bosphorus shipping strait and the Dardanelles strait will be required to provide a letter from their insurer saying that cover will be provided for that specific vessel voyage and cargo, the Turkish Ministry of Transport said in a circular seen by Bloomberg.
  • The Turkish Straits are a key waterway for commodities that are exported out of the Black Sea, including oil from Russia and Kazakhstan.
  • In line with EU sanctions starting on 5 Dec, vessels will still be able to get EU and UK cover, provided the cargoes being transported are purchased below the price cap.
Energy BulletsCommodities
Energy BulletsCommodities

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