EU says Turkish insurance checks, not price cap, behind Bosphorus tanker queue

The European Commission said on 9 December that Turkey's new insurance checks, not the G7 price cap on Russian oil, were behind a build-up of tankers waiting to pass through the Bosphorus, Reuters reports. About 20 vessels were queuing in the Black Sea. A Commission spokesperson said a 45-day wind-down period applied to seaborne Russian crude bought before 5 December, during which insurance can still be provided regardless of price. Turkey's maritime authority said it would keep checking insurance documents for tankers entering its waters. The Commission said it was in contact with Turkish authorities to seek clarification and help unblock the situation.

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