Statement from US Treasury Secretary Yellen on Türkiye

US Treasury Secretary Janet Yellen said that they clarified that the ships carrying Kazakh oil waiting at the entrance to the Bosphorus are not included in the sanctions against Russian oil. While Turkey’s request for a letter confirming insurance coverage from crude oil tankers passing through the Straits has increased tanker traffic in the region, the US has also made a statement on the subject. US Treasury Secretary Janet Yellen said that they clarified that the ships, mostly carrying Kazakh oil, are not subject to the price cap sanctions on Russian oil. Stating that they are in talks with Turkish authorities to try to manage the situation, Yellen made the following statement regarding the request for insurance coverage confirmation from the ships: “There is no reason for these ships to be subject to such a procedure.” According to Bloomberg data, as of Wednesday, ships carrying 23 million barrels of Kazakh oil have not been able to pass through the Straits.