Oil tanker SCF Samotlor sails under the Yavuz Sultan Selim bridge as it crosses the Bosphorus strait after departing from Russia's Novorossiysk port in Istanbul, Trkiye on March 1, 2022. FRANCISCO SECO AP Oil tankers formed a traffic jam off the coast of T rkiye on day one of the West's price cap on Russian crude, with Ankara insisting on new proof of insurance for all vessels, the Financial Times reported on Monday.
According to the report, around 19 crude oil tankers were waiting to cross Turkish waters on Monday, according to ship brokers, oil traders and satellite tracking services.
A $60 per barrel price cap imposed by the Group of Seven nations, Australia and the 27 European Union states on Russian crude oil took effect this week.
ALSO READ: Russia says it won't accept the oil price cap.
Russian oil can only be shipped to third countries using tankers from G 7 and European Union member states, insurance companies and credit institutions if the cargo is below or above the cap.
Russia said on Monday that a Western price cap on its oil would destabilize global energy markets.
Four oil industry executives said that T rkiye had demanded proof of full insurance coverage for any vessels navigating its straits because of the measures, according to the Financial Times' report.
READ MORE: G 7 Coalition agrees $60 per barrel price cap for Russian oil.
The vessels had dropped anchor near the Bosphorus and Dardanelles, the two straits connecting Russia's Black Sea ports to international markets.
The first tanker arrived on November 29 and has been waiting ever since, according to a ship broker who asked not to be named as saying.