Western nations have finally implemented a $60 price cap on Russian crude oil sales, barring Western insurance companies and other facilitators from working with Russian tankers selling oil above the $60 level.

Already the price cap is causing difficulties, but not for Russia. Turkey has demanded additional insurance guarantees from oil tankers transiting the Turkish straits. Russian tankers have provided the required insurance, including insurance against sanctions violations. 19 tankers moving oil from Russian ports on behalf of Kazakhstan, and insured by Western providers, have been unable to provide insurance against sanctions violations. Since the western insurers will not provide coverage against sanctions violations, they are stuck, waiting to cross the strait.