Russian insurer Ingosstrakh said on Monday it was not considering offering policies to new customers who may lose coverage from international insurers after restrictions on Russian oil came into force on December 5.
The European Union has banned all maritime transport Russian crude imports from December 5with a fuel import ban to follow in February.
It also banned companies and individuals in the bloc from providing financing, brokerage, shipping and insurance services to ship Russian oil elsewhere if crude was purchased above a price cap of 60. dollars per barrel entered into force on Monday.
Insurance-related tanker backlog begins to clear in Turkey’s vital sea strait
In addition, Turkey’s maritime authority said on Thursday it would continue to block the passage of tankers without proper insurance letters, adding that insurance checks on ships in its waters were a routine procedure.
“We are unwilling and will not provide short-term P&I (protection and indemnity) cover for vessels affected by the new Turkish regulations at the mouth of the Bosphorus,” Ingosstrakh said.
He also said the company was interested in “long-term relationships with reputable customers who operate in full compliance with applicable law.”
The Turkish measure in force since the beginning of the month has caused shipping delays. It requires ships to provide proof of insurance covering the duration of their transit through the Bosphorus Strait or during their stopovers in Turkish ports.
Since the entry into force of the regulation, a tanker covered by Ingosstrakh was able to sail after a letter was submitted.
(Reporting by Vladimir Soldatkin; editing by Louise Heavens and Lisa Shumaker)
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