The EU price cap on Russian oil is already disrupting the market — tankers are piling up off Turkey after Ankara demands insurance paperwork
by limiting how much coverage the insurers can provide — that's because only those vessels carrying cargo priced below the EU cap can access Western maritime insurance.
In a notice issued on November 16, Turkey's government is insisting on documentation of shipping insurance coverage"under any circumstances" — even when the ships breach sanctions"whether knowingly and intentionally or unknowingly and unintentionally", according to aa Norwegian shipping insurer that covers half of the global merchant fleet.
"Issuing a confirmatory letter under these circumstances would expose the Club to a breach of sanctions under EU, UK and US law," according to the statement. The International Group of P&I Clubs is negotiating with the Turkish government.
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