After the West approved a price ceiling for Russian oil, a tanker blockage formed off the coast of Turkey.
Turkey demanded a new confirmation of insurances for ships and stated that tankers would not pass through the Bosphorus without them. But, due to sanctions, ships carrying Russian oil cannot access Western marine insurance unless the oil is sold at a price in the range of $60 per barrel.
Tanker traffic jams are the first sign that the price ceiling could disrupt global flows of Russian oil.
On the Marine Traffic vessel traffic map, a “jam” formed by tankers in the Bosphorus and Dardanelles is visible.
On December 5, an embargo on the supply of Russian oil by sea to the EU came into force. The EU countries also agreed on an adjustable price ceiling for Russian oil delivered by sea at $60 per barrel. The same decision was made by the G7 countries and Australia.
