Belgian news daily De Standaard reports that the newly introduced EU embargo on crude oil from Russia is having an immediate effect on sea routes of great importance to Moscow.
As per the ruling from the European Union, not only is the import of Russian crude oil by ship into EU territory banned, but there are also a series of restrictions relating to brokers and insurers based in Europe. These restrictions are causing significant consequences in Turkey, who control the Bosphorus and Dardanelles straits, two key routes for Russia’s ability to export crude oil to countries outside as well as inside the EU.
As a result of these restrictions on insurers, around 20 tankers with crude Russian oil are currently stationary in Turkish waters. According to sources quoted in the Financial Times, Turkish authorities want to see “additional evidence” from the shipping companies that they are properly insured against, among other things, collision and oil spills, before they are allowed free passage.
Whilst crude oil is covered by the policy, refined oil products such as petrol or diesel will continue to be allowed to pass – with sanctions on those products not coming into effect until February.
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