On August 18, 2018, while speaking at the Congress of the ruling Justice and Development Party of Turkey the President of the Republic of Turkey, Mr. Recep Tayyip Erdogan, told: "Two new cities will be built on both sides of the Canal. This is the largest project in the history of Turkey, which is of strategic importance for the country. We are ready to implement it." Same 2018 year, specialists of the Housing Development Administration of Turkey (TOKI) conducted experimental drilling on the Canal route and assessed potential threats and risks to the environment. The Minister of Minister of Transport, Maritime Affairs and Communications, Mr. Ahmet Arslan, expressed confidence that the Istanbul Canal will not have negative impact on the environment: "We intend to announce a tender," said the Minister. The Canal will run parallel to the Bosphorus and will actually turn the European part of Istanbul into a large island. Residential complexes will be built on the banks, as well as a port on the Black sea side. Not far from the Canal route, has already opened the New Istanbul airport. According to various estimates, the project cost ranges from 10 billion $ to 50 billion $. USA. At the same time, the Turkish side claims that the construction of the Canal will be provided with countries own resources. Istanbul will be a shipping channel that will be 45.2 km long, 400 meters wide, and up to 25 meters deep. It will connect the Black sea and the Marmara sea. In future, Turkey plans to steer through the new canal all 53 thousand vessels that pass through the Bosphorus every year. Today shipping between the Black sea and the Mediterranean sea is carried out through the Bosphorus and Dardanelles Straits, and is regulated in accordance with the Montreux Convention of 1936. According to the Convention, Turkey has no right to charge ships for passage through the Straits, except for pilotage and maintenance of navigation beacons. The payment amounts are set out in the Convention, and they are much lower than the amounts that Turkey could charge. However, provisions of the Montreux Convention apply only to those Straits and channels that are specified in it, so the new Istanbul Canal will be paid for.The cost of ships passage through sea channels depends on various factors: draught, tonnage, height of deck cargo, time of application, timeliness of the ship's sailing. For example, the price of passage through the Suez Canal is from 8 to 12 US dollars per ton, and the average passage costs more than $ 160 thousand, for a heavy vessel can reach $1 million. Therefore, for Turkey, such a large-scale and expensive construction is justified, because, according to preliminary calculations, the investment will pay off in just 15 years, and the Canal will serve the Turkish Nation forever.In this regard, the situation around the Bosphorus may seriously worsen. According to the Convention, Turkey does not have the right to interfere with navigation through the Bosphorus in both peace and war times, except cases when Turkey is one of the conflict countries. Therefore, the Turks cannot simply prohibit passage through the Bosphorus and steer all ships to the paid Canal. However, nothing prevents Turkey from increasing the time for submitting applications and regulating the passage of ships in every possible way. And every day of demurrage costs crew salaries, fuel, penalties not meet deadlines, etc. In this regard, it is worth quoting the words of Mr. Recep Tayyip Erdogan in 2012: "Shipping in the Bosphorus will be reduced to zero. People will start doing water sports there, will be created public transport system and Istanbul will return to its old days."However, there are obvious advantages for Ukraine in the construction of a new shipping channel. If the cost of passage through the Istanbul channel is adequate, the capacity of the black sea Straits and cargo turnover of the region's seaports, including Ukrainian ones, will significantly increase. This will allow Ukraine to participate actively in the project of the New Silk Road between China and the European Union.Mr. Louis Mateus, the industry analyst of the Swiss Riverlake Shipping SA, quoted by Bloomberg, thinks that the new Canal will increase the tonnage of passing tankers. Today, the largest vessel that passes through the channel is Suezmax (the maximum for the Suez canal is 1 million barrels of oil when fully loaded). The new Canal will be able to pass VLCC vessels, which is twice as large, and the passage time will also be reduced. The Canal is planned to be launched in 2023 - the centenary of the Republic of Turkey, however, taking into account the crisis of Turkish economy, 2025 looks more realistic. If we do not take into account the nuances associated with leveling the Montreux Convention as a guarantee of free navigation, the new channel will have positive results for Ukraine. This will push the ports to increase their depth and upgrade their infrastructure, allow them to accept vessels of larger tonnage, and reduce the cost of logistics services and transit time. Together, all these factors can allow Ukraine to become a "sea gate" to the countries of Eastern Europe.