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☆ 'Iran is in for the long haul' with oil tanker hijacks, expert says, as U.S. considers more sanctions
▼ + stars: | 2024-04-16 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Before this weekend's tanker seizure, the last vessel Iran hijacked was the St. Nikolas on January 1. A Planet Labs satellite image of the location of the MSC Aries and other tankers recently hijacked by Iran. Planet Labs PBCAs the U.S. considers more sanctions against Iran in response to its recent attack on Israel, Iran has been using the hijacked ships as a means of sanctions retaliation. Iran chose to do this as a way to compensate for sanctions," Madani said. In a note to clients, ClearView highlighted that the House of Representatives added several Iran sanctions bills to its calendar for consideration this week, under suspension rules, including new sanctions on Iranian oil exports to China.

Persons: Nikolas, Houthis, Samir Madani, Eyal Ofer's, Madani, Janet Yellen, Helima Croft, Andy Lipow, Brent, Lipow, Kevin Book, Book Organizations: Anadolu, Getty, MSC Aries, U.S . Naval Forces Central Command, Galaxy Leader, MSC, Planet Labs, U.S . Energy Information Agency, United Arab, JPMorgan, CNBC, Lipow Oil Associates, ClearView Energy Partners, US, UN Locations: Gulf of Oman, Hormuz, Anadolu, Iran, Israel, Gaza, U.S, Iranian, Khuran, China, Russia, Malaysia, United Arab Emirates, Oman, Strait, Tehran, East, North Africa, India, Saudi Arabia, Kuwait, Iraq, France, Germany

Maxar Technologies Visual Investigations The $2.8 Billion Hole in U.S. Sanctions on Iran A Times investigation reveals how lax government oversight allowed shadowy oil tankers, covered by American insurance, to fund Iran’s regime. The American Club is one of only 12 major insurers of its kind, and the only one based in the United States. By then, the tankers had transported at least $2.8 billion in crude oil, based on the lowest reported prices of Iranian oil in 2023. The Treasury office has publicly enforced sanctions on the American Club only once in the past 20 years. Ultimately, the office said the American Club did “not appear to have been willful or reckless” and the case was settled.

Persons: Biden, ”, penna gabrielle toyomi, penna selene gabrielle, gabrielle, selene, lisa marianne selene, Samir Madani, Maggie Hassan, Daniel Tadros, “, Mr, Tadros, Shipowners, ” Mr, Madani of TankerTrackers.com, David Tannenbaum Organizations: Maxar, Maxar Technologies, Sanctions, U.S, White, New York Times, Times, Treasury Department, American Club, Treasury, cathay kirin, Copernicus, Planet Labs, Star, American, The Times, Revolutionary Guards Corps, Anadolu Agency, Getty, Club’s, Hamas, Bloomberg, United Against Nuclear, Nuclear, Glory, United, National Iranian Tanker, Labs, Copernicus Sentinel, Club, International Maritime Organization, AIS, Spire Locations: Gulf of Oman, American, U.S, Iran, New York, New Hampshire, United States, Hong Kong, Kharg, Kpler, China, Israel, Yemen, United Against Nuclear Iran, Nuclear Iran, United Arab Emirates, Asaluyeh, Dubai, of Oman, Persian, Oman, Cuba, Sudan, MarineTraffic, SynMax, TankerTrackers.com

The latest surge of dark fleet ships began after Russia invaded Ukraine and the West tried to limit Moscow’s oil revenue with sanctions. The ships most likely sell their Russian oil to China above a price limit set by the sanctions. “The price cap is achieving its dual goals: restricting Russia’s oil revenues while keeping Russian oil flowing, and markets stable and well-supplied,” a U.S. Treasury spokesperson told The Times. The spoofing tankers using American insurance show that the practice is not limited to Russian oil alone. The company, Gatik Ship Management, owns a fleet of 50 newly acquired tankers dedicated to the Russian oil trade, the report said.

Persons: ”, David Tannenbaum, it’s, Samir Madani, Daniel Tadros, Russia Lady Ella, Russia Snow, Price, Konstantin Zavrazhin, Tannenbaum, Mr, Tadros, what’s, Min Chao Choy Organizations: Cathay, Labs, Copernicus Sentinel, Maxar Technologies, The New York Times, The Times, U.S . Treasury, Times, American Club, Club’s, Alma, Cargo, Russia Cathay Phoenix, Hong, International Maritime Organization, American, ”, AIS, telltale, Treasury’s, Foreign, Control, Maritime, C4ADS, Gatik Ship Management Locations: Japan, Kozmino, China, U.S, Russia, Venezuela, Iran, Ukraine, ”, Hong Kong, Niigata, Russia Ginza, Varna, Bulgaria, Taman, Niigata Port, Siberia, Cathay Phoenix, O.F.A.C, South Korea, Washington, Ginza, Oman, India

But satellite images and photos show the Chinese-owned ship had loaded the oil four months earlier in Venezuela, an OPEC nation in South America under U.S. oil sanctions. Two of those tankers, including the Young Yong, were designated this month by U.S. authorities for violating sanctions on Iran, one of Venezuela's closest allies. The U.S. Treasury declined to comment on the involvement of the Young Yong or the other vessels identified by Reuters in shipping Venezuela crude. Indonesian authorities said in early November that the Young Yong had run aground off the Riau Islands on Oct. 26. The United States imposed oil trading sanctions on Venezuela in 2019 after calling Maduro's re-election the previous year a sham.

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