The vessel is reportedly carrying 300,000 tons of fuel oil. Fuel oil is not crude oil, it is a refined heavy fuel product that cannot be traced back to Iran because it is processed. A ton of fuel oil costs about $450, putting the value of the cargo at about $135 million. The vessel itself is old, and worth no more than scrap, which is about $17 million. This is a $150 million seizure, all things considered.
Even worse, Lloyds List suggested in an article two days ago that the vessel's cargo may have been paid for using the brand-new mechanism France's Macron set up to facilitate EU-Iran payments without the US finding out, called INSTEX. This would be the first known such payment.
If the UK has seized a Russian (?) vessel carrying Iranian crude paid for by unknown Europeans through a French mechanism made to evade sanctions, the implications are gigantic.
I am surprised Iranians didn't scramble their navy to tow the tanker back into their own port.
Zachary Allen
It sailed all around Africa and entered the Med through Gibraltar. British commandos flew from the UK to Gibraltar and stormed the vessel at 2am last night.
Austin Diaz
Also important to note, if the vessel's destination was Europe and not Syria as was claimed, there were no grounds for the UK to seize the vessel at all.
Benjamin Reed
Is this piracy?
Tyler Rogers
Hadn't read up on that part yet. So Trump is power playing the EU then.
Ryder Barnes
>UK >EU why you insult us
Jacob Turner
We're pirates user. We do as we please. Britons rule the waves.
Ian Brown
Satire? Iran doesn't have a navy. It has a bunch of 400 ton missile boats.
Owen Ross
The kikes are rubbing claws in a chaotic frenzy thinking of the shekels
