A traffic jam of oil tankers is forming off the coast of Turkey after the start of the cap on prices of Russian crude, the Financial Times reported on Monday.

The report said four oil industry executives said Turkey had demanded new proof of full insurance coverage for any vessels navi-gating its straits in light of the Russian oil price cap.

A $60 per barrel price cap on Russian seaborne crude oil took effect on Monday, the latest Western measure to punish Moscow over its invasion.

The agreement allows Russian oil to be shipped to third-party countries using tankers from G7 and European Union member states, insurance companies and credit institutions, only if the cargo is bought at or below the $60 per barrel cap.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Sandra Maler)