Millions of Barrels of Oil Are Caught Up in a Turkish Traffic Jam

Oil tankers hauling millions of barrels of Kazakh crude are being prevented from leaving the Black Sea to reach global markets following a move by Turkey to insist on proof they’re properly insured.

The government in Ankarais insisting the ships have a letter from their insurer guaranteeing cover while in Turkish waters — something that’s yet to happen. The move follows European Union and UK sanctions that only allow insurance of vessels carrying Russian crude if the oil on board is bought at or below $60 a barrel.

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