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Greece's top court allows return of seized Iranian crude oil

Greece's top court paves the way for the return of seized Iranian crude oil
World
1 min read
Greece's top court has blocked an attempt by an Athens-based shipping company to extract Iranian crude oil from a seized Russian-flagged tanker.
The Russian-flagged tanker carrying Iranian crude was seized by Greek authorities in February [Getty]

Greece's Supreme Court has rejected an attempt to block the release of crude oil from a Russian-flagged tanker that has caused a months-long sanctions saga with Iran, a judicial source said Wednesday.

The court has thrown out an appeal by an Athens-based shipping company, Times Navigation, which intended to remove the crude from the Lana tanker, reportedly under a commission from the United States Department of Justice.

Times Navigation was contacted for comment.

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The tanker, originally named Pegas, was seized by Greece in April in accordance with EU sanctions introduced after Russia invaded Ukraine in February.

Though the ship was soon renamed and changed hands, and Greek authorities said it would be released, the United States Department of Justice subsequently demanded that its Iranian crude cargo be seized.

Tehran strongly protested the decision, calling it "international robbery". In May, Tehran's Revolutionary Guards boarded and seized two Greek-flagged oil tankers in the Gulf in retaliation.

The Iranian embassy tweeted on Tuesday: "Soon, the transfer operation will begin and Iran's stolen oil has to be returned to Lana. Another fiasco for pirates!"