Amid hyperinflation and internal political strife, Turkey decided to obstruct oil transit through its territory.
Turkey has blocked the passage of all oil tankers through the Bosphorus strait, requiring vessels to provide additional proof they have insurance covering the duration of their transit. Turkish authorities claimed they were focused on ensuring safe navigation, as well as protecting life, property, and the environment in the Bosphorus. As a result of this move, 22 tankers carrying Kazakh crude oil are currently stuck in Turkish waters. Several Western countries complained about Ankara’s actions and called the demands of Turkish authorities unnecessary.
Following this move, Turkey’s Deputy Foreign Minister Sedat Onal had a phone call with US Deputy Treasury Secretaty Wally Adeyemo to discuss the issue. According to Turkish diplomatic sources, Onal insisted that tankers looking to pass through the Turkish Straits submit letters from protection and indemnity (P&I) insurance companies to Turkish authorities. These demands followed announcements by several P&I companies that they would not insure tankers exporting Russian crude oil at prices above the established price cap.
