The Russian government is concerned about bottlenecks on tankers in the Bosphorus. “We are aware of this situation, of course it concerns us in terms of the interests of our companies,” the RIA news agency said, quoting Deputy Foreign Minister Alexander Grushko on Wednesday.
The problem will be discussed with carriers and insurers. “If the problem is not resolved, of course politics will intervene,” Grushko said. The background to the tanker congestion is likely to be the maximum price imposed by the EU and the G7 group of industrialized countries on oil transported by sea from Russia.
Guarantees and price limits
At least 20 oil tankers are anchored in Turkish waters to cross the Bosphorus from Russian Black Sea ports to the Mediterranean, a shipping industry source told Portal. The trigger for this is a message from the Turkish maritime authorities. It requires additional guarantees from insurers that the passage through the Bosphorus is covered. “We will see further delays if owners or operators are unable to provide the necessary guarantees,” a source said.
Behind this is probably the price cap imposed by the West on deliveries of Russian oil by sea. Since Monday, EU shipping companies have only been able to transport Russian crude oil if it is sold below or at the upper price limit of $60 per barrel. This also applies to insurance, reinsurance or other financing of the oil business. With the world’s leading shipping and insurance companies based in G7 countries, the price cap could make it difficult for Russia to sell oil at a higher price. With the price cap, the EU, the G7 countries and Australia want to put more financial pressure on Russia in the war against Ukraine. Moscow relies heavily on revenue from the commodity business.
Every day, millions of barrels of oil are transported from Russian ports through the Turkish straits in the Bosphorus to the Sea of Marmara and then through the Dardanelles to the Mediterranean Sea. The average waiting time south of the Bosphorus was four days for ships over 200 meters, compared with one day in mid-November.