Turkey has announced the end of the crisis in the transport of Russian crude oil linked to the price cap and which last week caused a bottleneck of tankers in its straits.
“We are pleased to see that the talks with our interlocutors have resulted … the continuation of maritime trade in its usual course,” announced in a statement the Directorate of Maritime Affairs, a public body under the Turkish Ministry of Transport.
Since Wednesday, about twenty oil tankers were waiting in the Black Sea to be able to use the Bosphorus and Dardanelles straits, under Turkish control.
“Twenty-two of the 26 tankers that were waiting because of the lack of a letter of assurance have provided this document. The passage of 19 of them has been completed. There are only four vessels that have yet to present a letter of insurance,” the Directorate added.
The bottleneck had arisen as a result of a price cap mechanism agreed by the EU, the G7 and Australia, which provides that only crude oil sold at up to $60 a barrel can continue to be delivered, and that beyond that, companies will be prohibited from providing the services that enable shipping, including insurance.
In accordance with this decision, Turkey has required since the beginning of December that ships wishing to use its straits present “protection and indemnity insurance”.
Turkish authorities have been working with European diplomats and insurers to reach an agreement that could suit all parties.
The bottleneck in the Turkish Straits has had little impact on the global oil market, however, with most Western countries no longer buying Russian crude.
According to a Bloomberg analysis, Bulgaria was the only European country to import Russian oil last month.
Russian tankers are now heading to Asian markets through the Suez Canal, according to the same analysis.
