The last time the fee for passage of the straits was revised almost 40 years ago

Starting from October 7, 2022, Turkey increases the fee for passage through the Bosphorus and Dardanelles Straits by 5 times, according to the rights granted to the country by the Montreux Convention, adopted in 1936. This is reported by the Turkish edition Sabah.

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

After Germinal Frank went out of circulation, payments were made in Turkish lira or dollars, but the cost of 1 franc was still equal to 0.29 g of pure gold, regardless of the current exchange rate.

Turkey's revenue from the passage of ships through the straits, which now amounts to $40 million, is expected to grow to $200 million. The fee will be increased in accordance with the rights granted to Turkey by the Montreux Convention, adopted in 1936. According to it, the country retains sovereignty over the straits from the Black Sea to the Mediterranean Sea.

Recall that on February 28, Turkey closed the Bosphorus and Dardanelles Strait for the movement of military vessels. After that, traffic in the straits was repeatedly stopped – for example, at the end of March, for mine clearance, and in mid-April.

In April, the Turkish authorities approved the construction project of the Istanbul Canal, which should relieve the Bosphorus Strait a little. Local officials noted that the operation of the Bosphorus is becoming increasingly risky due to the growth of freight traffic. In the last five years, an average of 42 thousand ships a year have passed through the Strait. This is about three times more than through the Suez Canal and four times more than through the Panama Canal. At the same time, the share of dangerous goods has also increased: from 25% ten years ago to 35% now.

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