Turkey said on Wednesday it has started requesting proof of insurance from tankers carrying Russian crude after Western powers imposed price caps to punish the Kremlin for its war on Ukraine.
But a Turkish official denied that the measure was slowing the passage of oil ships to world markets through the Bosphorus and Dardanelles straits.
The European Union and the Group of Seven major industrialized nations agreed last week to block Western insurers from covering ships that intend to sell Russian oil for more than $60 a barrel.
Australia has also joined the new sanctions aimed at depriving Russia of one of its main sources of revenue.
Industry monitor TankerTracker.com said on Wednesday that Russian seaborne crude exports had halved in the past 48 hours.
A source told AFP that Turkish authorities began requesting proof of insurance from tankers passing through Russia at the beginning of the month.
An official source told AFP on condition of anonymity that officials “wanted to be sure of coverage” as Western insurers began to cancel it.
An unnamed Turkish official told the Anadolu state news agency that “most international insurers” no longer provide coverage for Russian crude oil.
“God forbid, if there is an accident in the strait, who will pay for the damage that could reach billions of dollars? Who will be responsible?” the Turkish officer asked.
But the official also dismissed Western media reports that Turkey’s new rules have led to tanker blockades in the two straits.
The official said there had been no “significant” change in maritime traffic and that Turkey could take additional measures to “prevent congestion”.
‘Blanket Promise’
The 1936 treaty guarantees freedom of navigation to merchant ships passing through the two Turkish straits.
But it also gives Turkey the right to regulate safety – a provision it is now using to ensure that oil ships are insured against spills and other accidents.
The Financial Times reported that Russia has assembled a separate “shadow fleet” of more than 100 ships that seeks to circumvent the Western sanctions regime.
These ships are reportedly using non-Western insurers and selling oil at higher prices to countries that have not subscribed to the new sanctions.
The Financial Times said Turkey was waving through these ships but blocking those with Western insurance coverage.
Turkish officials did not immediately respond to the report.
Istanbul-based maritime traffic analyst Yoruk Isik said Turkey is now requesting physical proof of so-called “protection and indemnity” insurance from all ships departing from Russian ports.
He balked at Turkey’s demand that Western insurance companies provide “a comprehensive promise to cover everything that happens in the Bosphorus”.
“But the Russians (protection and indemnity insurers) have just started issuing paper,” Isik said.
“So it became a de facto situation that the more reputable honest traders can’t underwrite transit … but the Russians (insurers) are issuing papers and those ships are transiting,” he said.
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