US sells off Iranian crude oil seized off coast of UAE

The US has sold around 2mn Iranian crude oil barrels’ post seizing one oil tanker at the coast of the UAE, show the government statistics and court documents.

The crude oil was seen in the new figures issued during the weekend by the United States EIA (Energy Information Agency), making commodity traders cautious as Tehran still remains the target by an array of US sanctions. The latest EIA facts included more than 1mn Iranian crude oil barrel imports in March.

The Iranian crude oil arrived from MT Achilleas, the ship that was seized by the US in February off the Fujairah city. The US court documents have alleged that Archilleas was forfeited under the American anti-terrorism statue as the Paramilitary Revolutionary Guard of Iran tried selling the oil barrels to China. The Guard has been identified as one terrorist organization by the US since the admin of ex-President Trump.

The persecutors say that the shippers tried disguising the cargo by using the ‘Basra light crude’ label.

The US government got Archilleas to Texas and sold more than 2bn crude oil barrels for around $110mn, show the court documents. The money would be held as escrow amid one court case on it.

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