welcome to the brussels edition bloomberg’s daily briefing on what matters most in the heart of the european union the eu’s price cap on russian oil is playing out a little chaotically particularly on the bosphorus where it’s led to a jam of oil tankers millions of barrels of crude are stuck at the key shipping strait after the bloc’s oil sanctions on russia came into effect monday and turkey began asking for proof that the ships are insured while the government in ankara has come under pressure from the us and britain not to mention the insurance industry to change its rules it’s not caving in russia is brushing off concerns that the oilprice cap imposed by g7 nations will throw its production into turmoil and the mechanism may not make much of a dent in moscow’s revenues still four days into the cap it appears most but not all oil is trading well below the threshold being imposed on moscow