Tuesday, February 7, 2023

At least 20 tankers are stuck in Turkish waters

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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.

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The Vesselfinder graphic clearly shows how tankers are damming up at the Bosphorus (above) and the Dardanelles (below left).

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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.

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