The imposition of Western sanctions on Russian oil since December 5 has led to a traffic jam in Turkish waters from oil tankers. The authorities of the republic check all ships arriving from Russia for valid insurance, and the checks are so strict that many ships simply cannot satisfy all the requirements of local customs. The tightening of requirements for oil tankers occurred after the imposition of sanctions against Russian oil, writes the Financial Times with reference to representatives of shipping companies.
Four companies reported at once that the Turkish authorities had requested additional documents from their vessels that would confirm the existence of valid insurance for the tanker and cargo. Moreover, they began to stop the ships a few days before the official entry into force of anti-Russian measures. According to the publication, the first tanker was detained on November 29, it took six days to check all the documents, after which the tanker moved on.
At the moment, according to the FT, about 19 tankers with oil from Russian ports are anchored in the Bosporus and Dardanelles. Vessels transporting Kazakhstani oil were also subject to additional checks – as the publication notes, there are even more such tankers in traffic jams than with Russian oil. Turkish authorities require ships to provide insurance to cover possible oil leaks and spills, as well as accidents and ship collisions. Applications were sent to the insurance companies of the international association P&I Clubs, which account for about 90% of the insurance market. However, the association itself told the publication that "the requirements of the Turkish authorities significantly exceed the requirements of the information usually provided on the courts."
Turkey's demands are indicative of how new sanctions could affect global oil markets and disrupt logistics. The situation has become a subject of particular interest to the American and British authorities, whose representatives, according to the publication, have already held talks with their Turkish counterparts. The problem is further aggravated by the fact that Turkey lets through ships with Russian insurance, while ships with exclusively Western insurance are at anchor.
The Financial Times recalls that on the eve of the sanctions, little-known companies close to Russia bought up more than 100 oil tankers of various sizes on the market to transport oil under the sanctions. These vessels, according to the FT, Turkey passes without additional checks. Also, the Turkish authorities do not touch ships with Russian oil products, since sanctions against them are expected only from February 2023.
On December 5, the mechanism of limiting prices for Russian oil, set by a coalition of Western countries at $ 60 per barrel, began to work. If the oil transported by the tanker is sold at a price higher than this value, then it loses access to Western insurance, financing and logistics, and the companies themselves risk falling under secondary Western sanctions. Moscow has repeatedly said that it will not supply oil to countries that support the price ceiling for Russian oil.