December 13, 2022 20:41
Turkey announced today, Tuesday, the end of the crisis in transporting Russian crude oil linked to the price ceiling, which last week caused a traffic jam for oil tankers in its straits.
The Directorate of Maritime Affairs, a public body linked to Turkey’s Ministry of Transport, said in a statement that “the talks with our interlocutors have led … to the resumption of maritime trade on its usual course.”
The statement added, “22 out of 26 tankers that were waiting because they did not show an insurance policy had submitted this document. 19 of them crossed, leaving only four ships that had to present the insurance policy.”
About twenty oil tankers have been waiting in the Black Sea since Wednesday to cross the Bosphorus and Dardanelles straits, which are under Turkish control.
The congestion was formed against the background of the mechanism for determining the price ceiling approved by the European Union, the Group of Seven and Australia, which provides for the delivery of crude oil sold at a price of $ 60 per barrel as a maximum exclusively, and prohibits companies from providing marine transport services, especially insurance, if the price exceeds this. limit.
In implementation of this decision, Turkey has asked, since the beginning of December, from ships wishing to use its straits, concrete proof of the existence of “protection and compensation” insurance.
Turkish authorities worked with European diplomats and insurance companies to come up with a win-win deal.
The traffic congestion in the Turkish Strait has slightly affected the global oil market, as most Western countries no longer buy Russian crude.
Bulgaria was the only European country that imported Russian oil last month, according to media.
Russian oil tankers are now heading towards Asian markets.
Source: agencies
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