Oil tankers lined up off the coast of Turkey on December 5

on the first day

of price caps for Russian oil

in the West.

Ankara

insists on new insurance confirmations for all vessels

, reports the Financial Times.

So,

about 19 tankers with crude oil were waiting to cross Turkish waters

on Monday.

This is stated in the report with reference to ship brokers, oil traders and satellite tracking services.

Price limit for Russian oil

It will be recalled that the Council of the EU 

introduced price restrictions

on Russian marine crude oil.

The limit is set at USD 60 per barrel.

The price may be adjusted in the future to respond to market developments.

Such a decision

would limit price spikes

caused by extreme market conditions and

sharply reduce the revenues that Russia has received from the sale of oil

since the outbreak of a full-scale war against Ukraine. 

The decision

will enter into force

after December 5, 2022 for crude oil and February 5, 2023 for petroleum products.

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