Turkey will close the straits for tankers with Russian oil without insurance
From December 1, Turkey will require oil carriers passing through the Bosphorus and Dardanelles to have insurance. This may limit the flow of Russian oil, writes Bloomberg.
The Ministry of Transport of Turkey adopted the relevant circular regarding the requirement for courts to provide insurance for a specific flight.
EU and British sanctions on Russian oil will come into effect on December 5, which will affect the issuance of insurance to Russian oil carriers.
The motive for the new ban on the part of Turkey was to comply with EU sanctions, although Ankara is not a member of them.
Previously, Russia transported 10% of its oil exports through the Turkish straits.
Oil production in Russia in 2023 may decrease significantly due to the fact that it is difficult for Russia to find new markets for the sale of oil after the introduction of the European ban on imports, according to data from the International Energy Agency.
