US seizes 600,000 barrels of smuggled Iranian crude oil

JEDDAH: The US has confiscated more than 600,000 barrels of smuggled Iranian crude oil from a tanker off the coast of Greece in a new wave of sanctions enforcement.
The cargo of oil was pumped off the tanker into another vessel on Thursday and is now being transferred to the US.
The oil tanker, the Pegas, was targeted under two sets of sanctions — against Russia because it is Russian owned, and against Iran because it was carrying Iranian oil.
The Pegas was one of five vessels named by Washington on Feb. 22, two days before Russia’s invasion of Ukraine, in sanctions against Promsvyazbank, a bank viewed as critical to Russia’s defense sector. The tanker was renamed Lana on March 1 and has been flying the Iranian flag since May 1.
The vessel, with 19 Russian crew members on board, was initially impounded by Greek authorities last month off the coast of the southern Greek island of Evia.
Greece said the ship had been seized as part of EU sanctions on Russia for the invasion of Ukraine, but the vessel was later released.

FASTFACT

The oil tanker, the Pegas, was targeted under two sets of sanctions — against Russia because it is Russian owned, and against Iran because it was carrying Iranian oil.

However, the US imposed new sanctions this week on a Russian-backed oil smuggling and money laundering network for the Quds Force, the foreign operations unit of the Islamic Revolutionary Guard Corps. As a result, the oil tanker was seized again.
Iran’s Ports and Maritime Organization said the tanker had sought refuge along Greece’s coast after experiencing technical problems and poor weather, and the seizure of its cargo was “a clear example of piracy.”
Iran’s Foreign Ministry summoned the charge d’affaires of Greece’s embassy in Tehran following the seizure of the cargo.
The ship was “under the banner of the Islamic Republic of Iran in Greek waters and he was informed of the strong objections” of Iran’s government, the ministry said.
In 2020, Washington confiscated four cargos of Iranian fuel aboard foreign ships that were bound for Venezuela and transferred them with the help of undisclosed foreign partners on to two other ships which then sailed to the US.
Operations against smuggled Iranian oil had tailed off recently amid hopes for a revival of the Joint Comprehensive Plan of Action, the deal to curb Iran’s nuclear program in return for the lifting of sanctions, including those targeting oil exports.
However, talks on reviving the deal have stalled, and the new oil cargo seizure suggests that the US is again enforcing sanctions.
Washington’s Iran envoy said this week the chances of reviving the nuclear deal were now shaky at best, and the US was ready to tighten sanctions on Iran.

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