After the G7 and EU announced fresh curbs on Russian oil shipments on December 5, Western officials are in negotiations with Turkish colleagues to address oil tanker delays off Turkey, a British Treasury official said.
The person told Reuters that ‘the UK, U.S., and EU are working closely with the Turkish government, the shipping industry, and the insurance industry to clarify the application of the Oil Price Cap and seek a resolution.’
There is no justification for barring ships from entering the Bosporus Straits due to environmental or health and safety issues.
In an effort to deny Moscow the funds it needs for war, the G7 group of nations, the European Union, and Australia have agreed to forbid shipping service companies like insurers from assisting with the shipment of Russian oil unless it is sold at a very low price, or cap.
However, a different Turkish regulation that has been in effect since the beginning of the month has created a bottleneck by forcing vessels to show proof of insurance for the duration of their transit over the Bosphorus strait or when calling at Turkish ports.
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