February 01
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The European Commission said that the G7 countries' price cap on Russian oil is not the reason for the queue of tankers in the Black Sea to pass through the Bosporus Strait on their way to the Mediterranean Sea, Reuters reports.

According to shipping agency Tribeca, the number of ships in line in the Black Sea rose to 20 on Friday amid talks to disperse the congestion.

Since early December, Turkey has required ships to provide proof of insurance to cover their transit through the Bosphorus Strait or when entering Turkish ports, triggering traffic jams.

The queues coincided with a plan introduced this week by G7 countries and the European Union that prohibits insurers from helping to export Russian oil by sea unless it is sold at a set price.

This situation is not related to the G7 oil price cap because there is anyway a 45-day cut-off period for Russian crude purchased before Dec. 5, a European Commission spokesman told Reuters in a commentary.

Under the transition period of the G7 scheme, which runs until January 19, services such as insurance can still be provided for offshore Russian crude purchased before December 5, even if it was purchased at a price above the limit.

A commission spokesman said that after this transition period, Turkish authorities can continue to check the insurance policies of tankers just as before.

On Thursday, ignoring pressure from abroad over the queue, Turkish maritime authorities said they would continue not to allow oil tankers who did not have the proper insurance certificates into their waters and needed time for inspections.

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