Russian oil ships face more delays - source

STORY: At least 20 oil tankers travelling from Russia and waiting in line off Turkey face more delays.

That's according to industry sources.

The ships were waiting to cross from Russia's Black Sea ports to the Mediterranean as of Tuesday (December 6).

It comes as operators raced to follow new Turkish insurance rules added ahead of a G7 price cap on Russian oil.

Turkish authorities issued a notice last month asking for more guarantees from insurers they would cover ships moving through the Bosphorus from December 2.

The new rule was announced before a $60 per barrel price cap was imposed on Russian seaborne crude this week.

Western insurers are required to show proof that Russian oil is sold at or below that price.

The industry has a 90-day grace period to comply with the G7 plan.

A source told Reuters there will be further delays if owners or operators can't provide the required guarantees.

Millions of barrels of oil per day move from Russian ports through Turkey's Bosphorus and Dardanelles straits into the Mediterranean.

Shipping agency GAC said that average waiting time southbound at the Bosphorus on Tuesday was four days for vessels longer than 200 meters.

That's up from one day in mid-November.