Turkey demands insurance from tankers passing through straits

Turkey has warned that ships hauling oil through its waterway and the nearby Dardanelles strait must prove that they are insured, a move that could restrict flows of Russian oil exports as new European sanctions kick in, Yahoo reported citing Bloomberg. The new rule starts Dec. 1, a few days before the European Union and U.K. impose additional curbs on Russian trade that will make it much harder for tankers carrying oil to get insurance.