Oil tankers queue up off Turkey as price cap on Russian crude begins

A traffic jam of oil tankers has grown off Turkey after the imposition of a price cap on Russian crude by western powers attempting to hurt the Kremlin’s coffers.

The vessels have come to a halt after Turkish authorities in Ankara demanded that insurers prove that the ships heading through its straits are fully insured.

EU sanctions on Russian oil prices came into force on Monday after tense negotiations last week. The rules state that tankers carrying Russian crude oil must not carry western maritime insurance unless it is sold under the...