A backlog of oil tankers has built up in Turkish waters after Western powers imposed a “price cap” on Russian oil and authorities in Ankara required insurers that all ships navigating its straits be fully insured.

Tankers are loading Russian crude oil under EU sanctions that came into force on Monday oil barred from accessing Western shipping insurance unless the oil is sold below the G7 price cap $60 a barrel. The cap was introduced to hold oil…



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