Turkey Implements Insurance Policy, Twenty Tanks Of Lego Tengrant Oil In The Black Sea

JAKARTA - The number of oil tankers waiting in the Black Sea to pass through the Strait of Bosphorus Istanbul on its way to the Mediterranean increased to 20 on Friday, Tribeca's delivery agency said, as Turkey held talks to resolve insurance disputes.

Excluding pressure from abroad over the increasingly long queues, Turkish maritime authorities said on Thursday it would continue to block oil tankers that do not have appropriate insurance letters, and need time for inspection.

The ship's queue created growing anxiety in the oil market and tankers, emerging as the G7 and European Union introduced price limits on Russian oil.

Millions of barrels of oil per day move south from Russian ports through the Strait of Bosphorus and Turkey's Dardanelles into the Mediterranean.

Maritime authorities said that if an accident occurs involving a ship that violates the sanctions, it is possible that the damage will not be borne by international oil spill funds.

"(It's impossible for us to take the risk that insurance companies will not fulfill their responsibilities," he said, adding Turkey was continuing talks with other countries and insurance companies.

It said most of the vessels waiting near the strait were European Union ships, with the majority of the oil aimed at Blue Continent ports, a factor that frustrated Western allies Ankara.

Groups of G7 countries, the European Union and Australia have agreed to ban delivery service providers, such as insurance companies, from helping export Russian oil unless it is sold at low prices, or restrictions, aimed at seizing Moscow from wartime revenue.

However, Turkey has imposed separate measures since the start of the month requiring ships to provide insurance evidence, which includes the duration of their transits through the Bosphorus Strait, or when anchored at Turkish ports.

Meanwhile, eight tankers are also waiting via the Dardanella Strait to the Mediterranean, less than nine days earlier, Tribeca said, leaving a total of 28 tankers waiting via the south.

Most of the tankers waiting in Bosphorus carry Kazakhstan oil.

The Turkish maritime authorities said it was unacceptable to pressure Turkey over what it said was an "routine" insurance check.

They say they can remove tankers without proper documentation from their waters, or ask them to provide new P&I ship insurance letters that include their travel.