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Russian insurance company Ingosstrakh said today that it does not plan to offer insurance contracts to new customers who may lose insurance coverage guaranteed to them by international firms after sanctions against trade in Russian oil came into effect on December 5. reported Reuters, quoted by BTA.
The European Union bans from December 5 the import by sea of crude oil originating in Russia.
In February, the import of Russian oil products also stopped.
The EU also prohibits EU companies and individuals from providing financial, brokerage, forwarding and insurance services for transporting Russian crude oil to other countries if it is purchased at a price above $60 per barrel.
Turkish maritime authorities announced last Thursday that they will continue to block oil tankers that pass through their territorial waters without adequate insurance.
They made it a routine procedure to check ships for valid insurance contracts.
As a result of their actions, a cluster of oil tankers formed in the Bosphorus area.
The number of oil tankers waiting to cross the Bosphorus fell to 13
Since the new regulations came into force, only one oil tanker insured by Ingosstrakh has been able to pass after a letter from the insurer was presented, Reuters notes.
"We are unwilling and will not provide short-term insurance protection for ships blocked at the entrance to the Bosphorus due to the new Turkish regulations," Ingosstrakh announced.
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