Tankers carrying largely Kazakh crude oil from Russian ports to international markets are stuck in Turkish waters in the Bosphorus and the Dardanelles because Turkey is insisting on them presenting proof of insurance. The tanker jam began earlier this week, on the day the G7 and EU price cap on Russian oil exports came into effect. Per the cap mechanism, vessels carrying Russian oil can only receive Western insurance coverage and financing services if the cargo is being marketed at or below the cap price of $60 per barrel. The vessels themselves,…
