Commoney Wise
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos
  • Login
  • Register

  Breaking
Sarah Huckabee Sanders to deliver Republican response to State of the Union address February 3, 2023
China tells U.S. to remain ‘cool-headed’ over suspected spy balloon February 3, 2023
Nordstrom stock surges after activist investor Ryan Cohen buys stake February 3, 2023
Binance Terminates Wallet Services to WazirX, Asks Exchange to Withdraw Assets February 3, 2023
What to look for in Friday’s jobs report February 3, 2023
Next
Prev

en English
en Englishes Españolde Deutschfr Françaisit Italianopt Portuguêsru Русскийzh-CN 简体中文hi हिन्दीja 日本語
Casino
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos
No Result
View All Result
Commoney Wise
Casino
  • News
  • Politics
  • Business
  • Economy
  • Finance
  • Investing
  • Markets
  • Crypto
  • Tech
  • Videos
Home Business

Insurance dispute blocking oil tankers in Turkish waters resolved

Staff by Staff
December 13, 2022
in Business
0 0
A A
0

The sanctions-driven insurance dispute that had disrupted oil exports from Russia’s Black Sea ports has been resolved, with maritime authorities saying 19 vessels had already passed through the Turkish Straits after providing satisfactory documentation.

Tankers had been forced to drop anchor near the Bosphorus and Dardanelles after Turkey demanded new proof of insurance in response to western sanctions on Russian oil.

Washington had hoped that a new price cap on Russian crude, which was designed to give vessels continued access to European insurance if the oil is sold for $60 a barrel or less, would ensure Russian shipments to third countries could continue after the introduction of EU sanctions last week.

But Turkey had blocked the vessels from transiting the straits for over a week after western insurers said they could not provide the blanket guarantee demanded, prompting US and UK officials to intervene with their Turkish counterparts.

The Turkish Straits is one of the busiest shipping lanes in the world and one of the main export routes for crude oil from Russia and Kazakhstan.

Turkey’s maritime authority said on Tuesday that of 26 tankers that were waiting “because they had not met our country’s justified request for an insurance confirmation letter”, all but four had provided the requested documentation. As of Tuesday, 19 had passed through the straits, it added.

“We are pleased that our new measure to protect our Turkish Straits has been accepted, as a result of the negotiations we undertook with our counterparts, and that maritime trade will continue normally,” it said.

Norway’s Gard, part of the international group of 13 protection and indemnity clubs, also said on its website on Tuesday that a resolution had been found.

“Following significant engagement between the International Group of P&I Clubs (IG) and the government of Turkey, an agreement has been reached allowing ships carrying crude oil cargoes to continue their voyages through Turkish-controlled waters.”

It advised its members to contact the club for the documentation needed for crude carriers. IGP&I, the umbrella group, could not immediately be reached for comment.

Many of the ships affected had been carrying oil from Kazakhstan, in a sign of the possible unintended consequences of the G7’s intervention in the oil market.

Oil produced in Kazakhstan by companies including Chevron and ExxonMobil is exported via pipeline across Russia to ports on Russia’s Black Sea coast, where it is loaded on to tankers for the journey through the Turkish Straits to the Mediterranean. However, it is not subject to the west’s Russian sanctions.

Read the full article here

ShareTweetSharePinShareSendShare
https://www.madmoneycasino.com/?faff=667&sub=DemCasino

Related Articles

Business

The push begins for a fossil fuel crackdown at COP28

February 3, 2023
Business

3M investor raises concerns about company leadership

February 3, 2023
Business

Happy China Article IV day everyone

February 3, 2023
Business

LeBron James’ quest to become all-time scoring leader has Lakers ticket prices skyrocketing

February 3, 2023
Business

TotalEnergies says exposure to Adani stands at $3.1bn as turmoil mounts

February 3, 2023
Business

Apple posts disappointing first quarter results

February 3, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Commoney Wise

Commoney Wise is your one stop news website for the latest finance, business and crypto news, follow us to get the news that matters to your minute by minute.

Our Other Brands Kronosslott, Commoneywise, Demcasino.de, SportsExtremes.tv, Slotgamesusawwr, Coin Desk Times, Kingsofgolf.be

Topics

Business Commodities Crypto Economy Finance Forex Futures Investing Markets News Politics Stocks Tech Videos

Get Informed

The most important world news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • Privacy
  • Terms
  • Press
  • Advertise
  • Contact

© 2022 Commoney Wise. All Rights Reserved.

No Result
View All Result
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos

© 2022 Commoney Wise. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.