Turkey has warned global oil carriers that it will require insurance when crossing the country's vital straits, which could limit Russian oil flows when new European sanctions take effect, Bloomberg reports.
The new sanctions come into effect Dec. 1, making it much more difficult for tankers carrying domestic oil to get insurance. Because insurance covers everything from oil spills to collisions, Turkey is essentially seeking to protect its waters, but it could also affect the flow of millions of barrels of crude oil exported from Russia.
Ships carrying oil through the waterway and the nearby Dardanelles Strait will have to provide a letter from their insurance company stating that insurance will be provided for that particular voyage and cargo, according to a Turkish Transportation Ministry circular, Bloomberg reports.
The European Union and Britain are imposing aggressive sanctions on Russian oil shipments on Dec. 5, which will dramatically affect the availability of standard industry insurance.
The director of Turkey's maritime regulatory agency confirmed the letter and said his motive was to comply with EU sanctions, although Turkey is not part of them.
He said the move could have a big impact on Russian tankers if they struggle to get the protection and indemnity insurance they need. He said the measure should improve maritime safety along the Turkish straits.
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