Protection and indemnity insurance required by oil tankers in Turkish Straits

Protection and Indemnity - Turkish Flag

The coverage requirement started this week following the EU embargo on seaborne Russian oil imports. Starting this week, Turkey is now requiring oil tankers traveling through the Turkish Straits to be covered by protection and indemnity insurance, in a move following the start of the European Union’s embargo on Russian oil imports by sea. The EU also established price caps on Russian oil products alongside the start of the embargo. Not unlike the Russian crude price cap of $60 per barrel already in place, a price cap on oil products…

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