The European embargo on Russian oil causes a traffic jam in the Bosphorus

The Bosphorus is one of the busiest straits in the world and these days it presents an unusual image with dozens of oil tankers and cargo ships waiting for the green light to cross. The European Union (EU) embargo on Russian oil, in force since Monday, had as its first consequence Turkey’s decision not to allow ships to transit without insurance. The pressure measure adopted by Brussels sets a sales price ceiling of $60 per barrel and prohibits member states, the G7 and Australia from providing any type of service to oil tankers carrying Russian crude. This prohibition extends to insurance and it must be taken into account that 90% of world maritime cargo is insured by G7 companies.

The Bosphorus, first, and Dardanelles, later, are two straits that ships from Russia must cross no matter what. Turkey requires insurance for boats because, according to sources quoted by the official Anadolu agency, “most international companies have stopped providing coverage to the Russians.” These same sources recalled that they are a very special type of vessel and considered that «God forbid, but if an accident occurs in the Strait, who would cover the damage that can reach billions of dollars? Who would be responsible?

According to the figure offered on Tuesday, there were 22 ships waiting to cross due to the lack of insurance due to the risk that an accident could cause catastrophic damage. Before the invasion of Ukraine, Russia was the world’s largest oil exporter, shipping around 8 million barrels per day of crude oil and petroleum products, which was equivalent to 8% of the world’s supply. The 32 kilometers of the Bosphorus Strait are one of the main exit routes and an average of 48,000 oil tankers pass through here every year.

grain runner

Istanbul has also become a key passage for grain leaving Ukraine thanks to the agreement reached between kyiv and Moscow with the mediation of the UN. The Ukrainian Sea Ports Administration denounced that Russia is blocking work in the Bosphorus and only allowing the passage of between three and four ships a day, when between twenty-four and thirty could circulate. In November there were queues of more than 150 ships that needed up to thirty days to cross and at the moment, according to Ukraine, there are 96 vessels pending inspection to be able to continue on their way.

The pact to keep the Black Sea corridor open was recently extended for another 120 days. The UN Secretary General, Antonio Guterres, pointed out that this agreement is essential “to lower the prices of food and fertilizers and avoid a global food crisis.” The UN and Turkey are the guarantors of this agreement through which, as Recep Tayyip Erdogan recalled, “more than eleven million tons of grain and food products” have been exported.