• India faces no immediate impact of oil tanker pileup in Turkey: Officials

    An oil tanker pileup off the coast of Turkey is not expected to impact the flow of Russian crude to India for now, senior government officials told ‘Business Standard’ on Thursday.

    They said most of the tankers are not headed to India but the situation might become difficult if it persists beyond another week or so. Some 30 oil tankers have jammed up in front of Turkey’s Bosphorus Strait as Ankara’s demands insurance papers from them: an effect of the G7’s sanctions against Russian seaborne crude that went into effect this week.

    “The situation is not detrimental to the flow of Russian crude currently. We are keeping a tab on it,” an official said.

    International media reported on Thursday the ships held up in Turkish waters are mostly carrying crude designated for Turkey, Italy and Greece. Some ships were also headed for India and China, said officials.

    The Indian government has been monitoring the situation since Tuesday, diplomatic channels have not yet been engaged, they said.

    G7 nations begin implementing from December 5 a $60 per barrel price cap on seaborne crude oil. Russia and major buyers of its crude, such as India and China, can continue to trade in Russian oil at prices higher than the cap, but services such as insurance for freighters carrying the oil, or vessel clearances will not be available from Western nations.

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