Turkey has increased the price for passage through the Bosphorus and Dardanelles by 5 times since October

From October 7, 2022, Turkey will increase the fee for passing through the Bosphorus and Dardanelles by 5 times, in accordance with the rights granted to the country by the Montreux Convention, adopted in 1936. Turkish publication Sabah reports about it.

The last time the fee for passing through the straits was revised in 1983. During this time, due to rising inflation and the value of gold in the world, the Germinal Frank, a conditional currency that was adopted by the UN as a model for calculating Turkey’s income from the straits, increased in price from $0.8 to $4.

After the Germinal Frank was no longer in circulation, payments were made in Turkish lira or dollars, but the value of 1 Franc was still maintained as 0.29 grams of pure gold, regardless of the current exchange rate.

Turkey’s current revenue of $40 million is expected to rise to $200 million. The value will be adjusted according to the rights granted to Turkey by the 1936 Montreux Convention. According to it, the country retains  its sovereignty over the straits from the Black Sea to the Mediterranean Sea.

As GMK Center reported earlier, on February 28, Turkey closed the Bosphorus and Dardanelles straits for the movement of warships. After that, traffic in the straits stopped many times – for example, at the end of March for demining, and in the middle of April.

In April, the government of Turkey confirmed the construction project of the Istanbul canal, which should help make the Bosphorus strait less loaded. Local officials noted that the operation of the Bosphorus is becoming increasingly risky due to the increase in cargo traffic: in the last five years, the number of ships that passed through it annually was 42,000 on average. This is about three times more ships than pass through the Suez Canal and four times more than through the Panama Canal. At the same time, the percentage of dangerous goods transported by them has also increased: from 25% ten years ago to 35% now.

  • Companies

Arvedi Group raises €900 million to expand production and decarbonize

Italian steel company Arvedi Group has raised €900 million in financing to implement a large-scale…

Friday June 27, 2025
  • Global Market

Domestic demand for steel in China continues to fall

Domestic demand for steel in China, according to market participants' estimates, continued to fall in…

Friday June 27, 2025
  • Industry

Construction works performed in Ukraine in January-April fell by 13% y/y

The index of construction work performed in Ukraine in January-April 2025 decreased by 13% compared…

Friday June 27, 2025
  • Global Market

Emissions in China’s steel industry sector rose by 17.9% y/y in May

In May 2025, Chinese steel enterprises belonging to the CISA industry association increased their total…

Friday June 27, 2025
  • Industry

The European Commission has adopted a new state aid system for clean industry

On June 25, the European Commission adopted a new state aid system to support the…

Friday June 27, 2025
  • Industry

Ukraine reduced iron ore exports by 13% y/y in January-May

Ukraine's mining industry reduced iron ore exports by 12.8% year-on-year in January-May 2025 compared to…

Friday June 27, 2025