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12/5/2022, 9:30 PM (Source: TeleTrader)
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Tankers drop anchor in Turkey after Russian oil cap

A lineup of oil tankers formed on Monday near Bosphorus and Dardanelles in Turkey following the accord of western leaders to cap Russian oil at $60 per barrel in an effort to limit Moscow's revenues.

The jam of about 19 tankers materialized as Turkish regulation requiring oil shippers to prove they have insurance came into force on December 1, banning access to the country's vital straits in case of non-compliance.

The bulk of the oil is of Kazakhstan origin and arrives in Russian ports through pipelines, making it excluded from western-imposed sanctions, the Financial Times reported citing shipbrokers.

Baha Breaking News (BBN) / MX