Russia’s concern about the dozens of tankers waiting in the Bosphorus

THE Russia is concerned about the build-up of tankers in its Straits Bosphorus and is discussing the issue with insurance and transport companies, as reported by the RIA news agency citing Deputy Foreign Minister Alexander Grusko.

At least 20 tankers remain open to it Turkey facing more delays in their passage from Russian Black Sea ports to the Mediterranean as companies try to comply with new Turkish insurance rules following a European ban on insurance and the G7’s imposition of a ceiling on the price of Russian oil, they said on Tuesday industry imgs.

Turkish shipping authorities issued a notice – seen by Reuters last month – requesting additional guarantees from insurance companies to cover the Bosphorus crossing from early this month.

“We are aware of this situation. Of course, it causes us concern from the point of view of the interests of our companies. This problem is being discussed with transport and insurance companies. In the end, it is the insurance companies that insure, not the state,” said Grusko.

“If the problem is not resolved, of course there will be intervention at the political level.”

The European Union banned all imports of Russian seaborne crude from December 5, with a ban on fuel imports to follow in February.

It also banned companies and individuals in the European Union from providing financing, brokerage, transportation and insurance services to transport Russian oil elsewhere if the price of crude exceeds $60 a barrel from Monday.

Disruptions to tanker traffic from Russia’s Black Sea ports in the Mediterranean are the result of a new Turkish insurance regulation and not the cap on the price of Russian oil agreed by G7 countries and Australia, a G7 official said on Tuesday.

Source: News Beast

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