The country requires a new insurance certificate from the courts, Reuter reports with reference to the British edition of the Financial Times.

On November 17, experts warned that Ankara will start demanding confirmation of insurance from oil tankers plying between the Black and Mediterranean seas after the introduction of a price ceiling for Russian oil.

According to the European package of sanctions, which entered into force on December 5, insurance is available only for tankers that transport oil at a price lower than the specified ceiling - 60 dollars per barrel.

  • In order to maintain the price ceiling, shipping and insurance companies will be prohibited from working with supplies of Russian oil if it is sold at a price that exceeds the limit.

  • Major shipping and insurance companies are located in the G7 countries, which gives them leverage to set a price cap and will make it difficult for Moscow to sell its oil at a higher price.

  • On average, about 650,000 barrels of oil from Russia are transported through the Bosphorus and Dardanelles per day.

  • According to the Montreux Convention (1936 Convention on the Status of the Strait. -

    RS

    ), Turkey has sovereignty over the Bosphorus and Dardanelles straits.