9 months behind Russia’s military operation against Ukraine, this time the Turkish Straits became the focus of discussion.
Starting in March, Turkey had imposed a ban on entry to the Black Sea for warships. Since the Black Sea has not yet stabilized in the past period, Turkey has adopted a new practice considering its own security. Accordingly,
as of December 1, 2022, it was announced by the American Bloomberg that extended P&I insurance will be requested from commercial vessels that will pass through the Istanbul and Çanakkale Straits.
PANIC IN MOSCOW
The News about insurance had a great impact in Moscow. The new additional insurance requirement has caused panic in Moscow, as Russia carries out most of its oil exports from outside the pipelines via the Black Sea and Turkish Straits by tankers.
INSTALLED WITH SANCTIONS
Extended insurance demanded from oil tankers is provided in the UK by the London-based insurance association P&I. Britain, on the other hand, announced on December 5 that it would stop providing insurance services to Russian oil tankers, just as it imposed large-scale sanctions on Russia over the Ukraine War. Russia, whose oil exports were endangered due to the insurance imposed on the sanctions, urgently took the step of establishing its own insurance company.
THEY WILL INSURANCE THE RUSSIAN COMPANY
The company, called “Russian national supplementary insurance”, announced its establishment with a capital of 750 billion rubles (about 12 billion dollars). He also announced that the Central Bank of Russia issued a blank check to this company. Russian Deputy Minister of Transport Aleksander Poşivkin, who made quite contradictory statements regarding the extended supplementary insurance to ships in Moscow on Wednesday, said, “Turkey recognizes the policy of our national extended supplemental Insurance Company Of Russia,” Despite The Absence Of Any Official Declaration By Turkey.
CHINA DOESN’T KNOW
Although Poshivkin stated that, besides Turkey, China and India also recognize Russian insurance, it is understood that China does not particularly recognize the insurance of tankers under the Russian flag. It turned out that although China seems to be on the side of Moscow in Russia ‘S Conflict With The West, It Demands P&I Type Lloyd Insurance From The Ships.
