Oil tankers piled up off the coast of Turkey on the date of introduction of the European Union’s sixth package of sanctions on Russia, which prohibits the provision of services involving the transportation of Russian crude oil by sea, as well as its insurance, brokerage services, and financing of operations

The CFTS portal reported this, citing the Financial Times publication.

According to the Financial Times, the traffic jam of oil tankers built up in Turkish waters after the Turkish authorities demanded insurers promise that any vessels navigating its straits were fully covered.

Citing ship brokers, oil traders, and satellite tracking services, the Financial Times reported that around 19 crude oil tankers were waiting to cross Turkish waters on 5 December.

According to the Financial Times, four oil-industry executives said Turkey had demanded new proof of insurance because of the European Union’s price cap on Russian crude oil.

"The tankers waiting in and around Turkish waters are the first sign that the price cap could disrupt global oil flows beyond Russia’s exports," the publication wrote.

The CFTS portal reported earlier that Turkey planned to close the Bosporus and Dardanelles straits to vessels carrying crude oil without insurance.