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U.S. Confirms Seizure of Nearly One Million Barrels of Iranian Oil

by Richie
09/08/2023
in Global Trade, Sanctions

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The United States government has officially confirmed the seizure of a large shipment of Iranian oil, intensifying the already strained relations in the Gulf region. The U.S. Department of Justice announced on Friday that it had seized approximately one million barrels of oil earlier this year, corroborating an earlier report by Reuters in April.

The seized oil is currently part of a civil forfeiture action. Suez Rajan Limited, the shipping company responsible for the transport of this oil, has admitted to conspiring to violate U.S. sanctions against Iran. The Department of Justice described this as the first criminal resolution involving a company that facilitated the illicit sale and transport of Iranian oil, emphasizing the successful disruption of a multimillion-dollar shipment attributed to the Islamic Revolutionary Guard Corps (IRGC). The IRGC is designated as a foreign terrorist organization in the United States.

This seizure comes amid ongoing tensions and complex negotiations between the U.S. and Iran, particularly concerning a potential prisoner swap deal and unresolved issues surrounding sanctions and Iran’s nuclear activities. Following the confiscation, the U.S. accused Iran of seizing several international ships traversing the Gulf and, in response, announced the deployment of additional troops to the region for protection of shipping lanes, including the strategically important Strait of Hormuz. Iran has strongly reacted to these actions, condemning them as acts of piracy and threatening to respond to any violations of its rights.

The U.S. began offloading the confiscated Iranian oil near Texas in August, with media reports indicating that U.S. prosecutors are seeking a court order to take possession of the oil under U.S. terrorism and money laundering laws. Iran is listed by the U.S. as a state sponsor of terrorism.

Efforts to revive the 2015 nuclear deal, which was abandoned in 2018 by former President Donald Trump, have faced challenges. The deal originally allowed Iran to curb its nuclear program in exchange for lifting economic sanctions. Since the U.S. withdrawal from the agreement, Iran has been expanding its nuclear activities. The current U.S. administration continues to enforce the sanctions imposed by Trump, while attempting to manage the complexities resulting from the previous administration’s decisions. U.S. National Security Adviser Jake Sullivan has expressed the challenges faced in deterring Iran from pursuing a nuclear weapon and the ongoing vigilance required in this effort.

Catch the latest supply chain news at The Supply Chain Report. Learn more about international trade at ADAMftd.com with free tools.

#USEntersGulfTensions #SeizedIranianOil #IranSanctions #IRGC #SuezRajanLimited #OilSeizure #GulfRegionSecurity #USJusticeDepartment #StraitOfHormuz #OilForfeiture #TerrorismSanctions #USIranRelations #ShippingSanctions

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