The crude oil tanker RN Polaris and a bulk carrier sail in Nakhodka Bay near the port city of Nakhodka, Russia, Dec. 4 (Photo: Reuters)

At least 18 tankers filled with 2 million tons of oil are stranded in the Black Sea on the way to the Mediterranean due to an insurance issue, Turkey's maritime authority said on Friday.

"The number of tankers passing through the Bosporus from the southern direction [Black Sea] loaded with crude oil was 44 in October and 43 in November this year. After December 1, 2022, three tankers loaded with crude oil made the passage, submitting a letter of confirmation. On the other hand, the number of tankers waiting in the Black Sea, loaded with about 2 million tons of crude oil, is 18 and the number of tankers waiting in the Aegean Sea is one," the report said.

15 out of the 18 tankers belong to Greece, two to Hong Kong and one to Turkey, with the Protection and Indemnity Insurance (P&I) for these vessels arranged by UK companies-members of International Pal Group, according to the report.

The Financial Times reported on Monday citing ship brokers, oil traders, and satellite tracking services, that around 19 crude oil tankers were waiting to cross Turkish waters on Monday, dropping anchors near the Bosphorus and Dardanelles, the two straits linking Russia’s Black Sea ports to international markets.

Turkish authorities requested insurers to promise that vessels navigating its straits were fully covered, the newspaper said.

Under EU the price cap decision on Russian oil that took off on Monday, tankers loading Russian crude oil are barred from accessing Western maritime insurance unless the oil is sold under the G7’s price cap of $60 a barrel.

The Turkish Maritime Authority accused on Thursday EU companies of refusing to provide insurance documents for the passage of oil tankers through the Black Sea Straits and declared the unacceptability of applying pressure on Ankara.

On December 1, Turkey started requesting from oil shippers crossing the Bosphorus Strait and the Dardanelles a letter from an insurer confirming that the vessel is covered by the necessary Protection and Indemnity Insurance (P&I).

Kremlin spokesperson Dmitry Peskov said Saturday that the price cap that was imposed on Russian oil abroad is unacceptable for Russia, but Moscow will be analyzing it and deciding how to operate under the new circumstances.

Western nations have been trying to find ways to reduce Russia's income from oil and gas exports since the start of the war in Ukraine.

Russia had pledged to stop exporting its oil to countries that would apply price caps on its oil.

Meanwhile, those who violate the price cap on Russian oil exports will suffer consequences under the domestic law of the jurisdictions enforcing the quota, according to US Deputy Treasury Secretary Wally Adeyemo

Russia unaffected by oil price cap: Putin

The price cap on Russian oil, proposed by the West weeks ago, corresponds to the current oil prices, and it does not affect Russia, Russian President Vladimir Putin said on Friday.

"The proposed cap corresponds to the prices at which we sell today. In this sense, this decision does not affect us in any way. To be honest, it is not important for us," Putin said at a press conference following his visit to Kyrgyzstan.

He further underlined that Russia will not incur any losses in the wake of the price cap being introduced under no circumstances, further highlighting that Moscow would not be selling oil to unfriendly countries imposing price caps on it.