The European embargo on Russian oil causes a traffic jam in the Bosphorus

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More than twenty ships wait to cross the strait due to the lack of insurance due to the risk that an accident could cause catastrophic damage.

The Bosphorus is one of the busiest straits in the world and today presents an unusual sight with dozens of oil tankers and cargo ships waiting for the green light to cross. The European Union (EU) embargo on Russian oil, which has been in effect since Monday, was the first consequence of Turkey’s decision not to allow ships to pass through without insurance. The pressure measure passed by Brussels sets a sales price cap of $60 per barrel and prohibits member states, the G7 and Australia from providing any kind of service to oil tankers carrying Russian crude oil. This ban extends to insurance and it should be taken into account that 90% of global maritime cargo is insured by G7 companies.

First the Bosphorus and later the Dardanelles are two straits that ships from Russia have to cross anyway. Turkey requires insurance for boats because, according to sources quoted by the official Anadolu agency, “most international companies have stopped providing cover to the Russians.” The same sources recalled that it is a very special type of craft and opined that “God forbid, but if an accident happens in the Straits, who would cover the damage that can amount to billions of dollars? Who would be responsible?

According to the figure provided on Tuesday, there were 22 ships waiting to cross due to the lack of insurance due to the risk that an accident could cause catastrophic damage. Before the invasion of Ukraine, Russia was the world’s largest oil exporter, with about 8 million barrels of crude oil and petroleum products per day, equivalent to 8% of the world’s supply. The 32 kilometers of the Bosphorus is one of the most important exit routes and an average of 48,000 oil tankers pass through here every year.

Istanbul has also become an important transit point for grain leaving Ukraine, thanks to the agreement brokered between Kiev and Moscow. The Ukrainian seaport administration denounced that Russia is blocking work in the Bosphorus and only allowing the passage of three to four ships a day, while between twenty-four and thirty can circulate. In November, more than 150 ships lined up taking up to 30 days to cross and currently, according to Ukraine, 96 ships are awaiting inspection to continue on their way.

The pact to keep the Black Sea corridor open was recently extended for a further 120 days. UN Secretary-General Antonio Guterres pointed out that this agreement is essential “to lower food and fertilizer prices and prevent a global food crisis”. The UN and Turkey are the guarantors of this agreement which, as Recep Tayyip Erdogan recalled, has seen “more than eleven million tons of grain and food products” exported.

Source: La Verdad

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