/cloudfront-us-east-2.images.arcpublishing.com/reuters/UAEHZT5MYNOA3C4672OWLM4O6U.jpg){kind=small}
[ad_1]
LONDON, Dec 7 (Reuters) – Western officials are in talks with their Turkish counterparts to resolve oil tanker queues out of Turkey, a British Treasury official said, after the G7 and the European Union imposed new restrictions targeting Russian oil exports on Dec 5.
“The UK, US and EU are working closely with the Turkish government and the shipping and insurance industries to clarify the implementation of the oil price cap and reach a resolution,” the official told Reuters.
“There is no reason to deny ships access to the Bosporus Strait for environmental or health and safety concerns.”
The G7 group of countries, the European Union and Australia have agreed to bar shipping service providers such as insurance companies from helping to export Russian oil unless it is sold at reduced prices or at a cap, in a bid to deprive Moscow of wartime revenue.
But the logjam has been caused by a separate Turkish measure that took effect at the start of the month, requiring ships to provide proof of insurance covering the duration of their transit through the Bosphorus Strait or when calling at Turkish ports.
At least 20 oil tankers continue to face delays crossing from Russia’s Black Sea ports to the Mediterranean Sea as operators scramble to comply with Turkish regulations.
US Deputy Treasury Secretary Vali Adeyemo said in a call to Turkish Deputy Foreign Minister Sedat Onal on Wednesday that the price cap applies only to Russian oil and does not require additional inspections on ships passing through Turkish territorial waters, the US Treasury Department said.
Russia is concerned about the tanker buildup and is discussing the issue with insurance and transport companies, RIA quoted Russian Deputy Foreign Minister Alexander Grushko as saying on Wednesday.
“If the problem is not solved, of course, there will be involvement at the political level,” Grushko added.
British ship insurer UK P&I (Protection and Indemnity) Club said the new Turkish requirement for a letter of insurance could force them to breach sanctions if it emerged that oil cargoes were sold outside the price cap.
“(Insurers) have agreed that they cannot and should not issue such a letter,” UK P&I said in a statement on its website.
“Issuing a letter of confirmation in these circumstances would expose the club to breaches of sanctions under EU, UK and US law,” it said, referring to a situation in which insured cargo becomes ineligible for the new measures.
An official with the coalition of G7 countries and Australia said the delay was not a result of the price cap and that among the cargoes affected was Kazakh oil, which is specifically exempted from their measures.
Reporting by Jonathan Shaul, Vladimir Soldatkin, Alastair Smout and Noah Browning; Editing by David Evans, Kirsten Donovan, Crispian Balmer and David Gregorio
Our Standards: The Thomson Reuters Trust Principles.
[ad_2]
Source link
