Bosphorus Strait tankers congestion, Russia not involved in Ankara’s decision, Yellen says

1. Washington sees no reason to believe that Russia was involved in Ankara’s decision to block two dozens of ships carrying millions of barrels of oil, Reuters quoted US Treasury Secretary Janet Yellen as saying on Thursday.

At an event hosted by the Bureau of Engraving and Printing in Fort Worth, Texas, Yellen told reporters that the Biden administration had no reason to believe the Russian government was involved in Turkey’s decision regarding the oil tankers. Nor do US officials see any obstacles to ships transiting through the Bosphorus and Dardanelles straits.

"There’s no reason whatsoever for why they [oil tankers] should be subjected to any type of procedures," Bloomberg quoted Yellen as saying. She added that the US was in talks with Turkish officials "to manage the situation."

Bloomberg reported on Tuesday that at least 20 tankers holding some 18 million barrels of oil were being prevented from passing through the two straits in the wake of the decision to impose a price cap on Russian oil. According to the news agency, all but one ship has crude from Kazakhstan on board, however they departed from Russian ports. For fear of violating the price ceiling regime, Turkey is insisting the vessels have letters guaranteeing insurance coverage, but insurers have so far refused to provide such guarantees. Though Kazakh oil should not be subject to sanctions, the fact that the vessels left from Russian ports may be contributing to the anxiety in Ankara about having their insurance status confirmed, Bloomberg added.
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2. *On December 5, an embargo on maritime Russian oil shipments to the European Union came into force.*

Moreover, EU states also agreed on a price cap for Russian oil delivered by sea, setting the ceiling at $60 a barrel

. A similar decision was announced by the G7 and Australia. The West is also banning its companies from providing transport, financial and insurance services to tankers carrying oil from Russia at a price above the agreed-on ceiling.[https://tass.com/economy/1548311]
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