Business Insider USWestern governments are trying to resolve an oil tanker pile-up in Turkey's waters amid the EU and G7's price cap on Russian oil.The UK, US, and EU are working with Ankara to clear an oil tanker pile-up in Turkish waters.EU's $60 a barrel price cap on Russian crude kicked in Monday, which is impacting shipping and insurance.
Western officials are trying to resolve an oil tanker pile-up in Turkish waters, after Ankara unusual demand for full proof of insurance for ships passing through its waters.for Russian crude that kicked in on Monday. The move's designed to limit Moscow's energy revenues while keeping the global energy markets stable by keeping supply flowing.
"There is no reason for ships to be denied access to the Bosporus Straits for environmental or health and safety concerns," it said in a statement. Most vessels in Turkish waters now are loaded with oil from Kazakhstan, not Russia, two Western officials told theMoscow, on its part, has said it would not sell its crude oil under $60 a barrel. It is considering several options to counter the price cap, Russian business dailyRussian deputy foreign minister Alexander Grushko also weighed in on the matter, saying Russia's concerned about the congestion off Turkey.
"We are aware of this situation. Of course, it causes us concern from the point of view of the interests of our operators. This problem is being discussed with transport and insurance companies. After all, insurance companies insure, not the state," said Russian deputy foreign minister Alexander Grushko on Wednesday, per state news agencyThe European Commission did not immediately respond to a request from Insider for comment.
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