As more tankers waited to leave the Black Sea through Turkish Straits on Friday, Turkey became a significant roadblock to a sophisticated international scheme to deny Russia of earnings from oil sales during times of war.
Despite days of pressure from Western authorities, Ankara has refused to reverse a new insurance inspection rule it introduced at the beginning of the month.
According to the Tribeca shipping agency, there is a line of 28 oil tankers waiting to cross the Bosporus and Dardanelles straits.
The G7 affluent nations, the European Union, and Australia decided to forbid shipping service providers, such insurers, from assisting with the export of Russian oil unless it is sold at a very low price, or cap, intended to deny Moscow money for the war effort.
According to Turkey’s maritime authorities, oil tankers without the proper insurance letters would still be barred from entering Turkish seas.
Western insurers claimed they were unable to give Turkey the documents it requested because doing so may subject them to sanctions if it turned out that the oil cargoes they covered were sold for more than the cap.
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