Türkiye starts requesting proof of insurance from tankers carrying Russian crude

Türkiye says it has started requesting proof of insurance from tankers loaded with Russian crude oil as Moscow expressed concern about a build-up of oil tankers in the Bosphorus Strait.

At least 20 oil tankers queueing off Türkiye face more delays to cross from Russia’s Black Sea ports to the Mediterranean as operators race to adhere to new Turkish insurance rules added in advance of a G7 price cap on Russian oil, industry sources said on December 6, as cited by the Reuters news agency, Al Jazeera reports.

Russia is discussing the issue with insurance and transport companies, Russian news agency RIA cited Russian deputy foreign minister Alexander Grushko as saying on December 7.“We are aware of this situation. Of course, it causes us concern from the point of view of the interests of our operators. This problem is being discussed with transport and insurance companies. After all, insurance companies insure, not the state,” Grushko was quoted as saying.

“If the problem is not solved, of course, there will be an involvement on the political level.”

Turkish maritime authorities issued a notice seen by Reuters last month asking for additional guarantees from insurers that transit through the Bosphorus would be covered starting from the beginning of this month.

Disruptions in tanker traffic from Russia’s Black Sea ports to the Mediterranean are a result of a new Turkish insurance rule, not the price cap on Russian oil agreed by a coalition of G7 countries and Australia, an official with the group said on December 5.

But a Turkish official denied that the measure was slowing the passage of oil ships to world markets through the Bosphorus and Dardanelle Straits.

A source told the AFP news that Turkish officials began requesting proof of insurance from tankers passing from Russia at the start of the month.

An official source told AFP on condition of anonymity that authorities “want to be sure about the coverage” because Western insurers have started to cancel it.

An unnamed Turkish official told the Anadolu state news agency that “the majority of international insurers” no longer provide coverage for Russian crude.