A TRAFFIC JAM of oil tankers at the Turkish straits continues to build up as negotiations failed to produce a solution to an insurance glitch caused by sanctions on Russian crude.

Twenty six tankers holding more than 23 million barrels of oil from Kazakhstan were unable to pass the Bosphorus and Dardanelles straits as of Wednesday, shipping data compiled by Bloomberg showed.

The waterways are vital chokepoints for the flow of crude and other commodities from the Black Sea. Kazakh authorities estimated a smaller backlog.

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