MOSCOW (Pakistan Point News / Sputnik - 01st December, 2022) A new rule requiring oil shippers crossing the Bosphorus Strait and the Dardanelles to be properly insured comes into effect on Thursday, according to a directive by the Turkish Directorate-General of Maritime Affairs.
According to the directive, starting December 1, Turkey requires from oil shippers going through the straits a letter from an insurer confirming that the vessel is covered by the necessary Protection and Indemnity Insurance (P&I).
"It is required that a letter is received from insurers about P&I insurance provided to vessels that ship crude oil and cross the Turkish straits under loading after December 1, 2022, with details about the vessel, cargo and route, as well as about the fact that P&I insurance will be valid and complete for this vessel, route and cargo," the directive, published in Turkish maritime news outlet Denizcilik dergisi read.
In response to Russia's military operation in Ukraine, the European Union announced a ban on the provision of services and insurance for Russian oil supplies around the world, as well as a partial embargo on Russian oil. The restrictions are due to come into force in December this year for seaborne imports of Russian crude and in 2023 for petroleum products.
Although Turkey has not joined EU sanctions, the move by the Turkish authorities is likely to affect Russian oil shipments, as Russian ships may struggle to obtain necessary insurance. According to Bloomberg, Russia ships 650,000 barrels a day of oil through the Turkish straits from the Black Sea.
