Because of the price cap on Russian oil
At least 20 tankers are stuck in Turkish waters
At the behest of Western nations, European shipping companies are no longer allowed to freely deliver Russian oil. As a result, numerous tankers are stranded in Turkish waters.
The Vesselfinder graphic clearly shows how tankers are damming up at the Bosphorus (above) and the Dardanelles (below left).
Jean Claude RaemyEditor Economics
Russia continues to finance its war against Ukraine with profits from the sale of raw materials. This includes oil. That is why the European Union (EU) and the leading Western industrialized countries (G7) have decided on a so-called oil price cap of 60 dollars per barrel of crude oil for Russia. In addition, an oil embargo is gradually being implemented. This will not completely stop the energy supplies that are still required in some cases, but will reduce the revenues for Russia.
How is this enforceable? In the case of transport, European shipping companies are only allowed to accept loads in third countries such as China and India if the price is not higher than the cap. This also applies to insurers, reinsurers or other financing of the oil business. That works: Shipping companies from the EU operate more than half of all tankers worldwide, the most important insurance companies come from G7 countries.
Oil tankers are stuck
This leads to the first consequences – for shipping companies. As the agency Reuters reports, at least 20 oil tankers with around 18 million barrels of crude oil on board are stranded in Turkish waters. These should go from the Russian Black Sea ports via the Turkish straits Bosporus and Dardanelles to the Mediterranean Sea. You must first obtain new insurance under the new price caps. Turkey will not let ships through without valid, new insurance papers.
Further delays are to be expected in the coming days. The average waiting time for the passage from the Bosphorus to the Mediterranean is currently four days for ships longer than 200 meters.
The cargo of the 20 tankers is destined for numerous destinations. From South Korea and India to Panama; but mostly for Europe. The latter has banned the purchase of almost all Russian crude oil by sea, but allows the import of Kazakh oil shipped from a terminal on Russia’s Black Sea coast.