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Journalism of Courage
The Royal Bank of Scotland has halted payments to a Greek ship owner which transported Iranian oil for an Indian shipping company,in line with Western sanctions aimed at hindering Iranian crude exports,shipping sources told Reuters.
The European Union in January placed an immediate ban on new contracts to import,purchase or transport Iranian crude and petroleum products. EU members with existing contracts,however,can honour them until July 1. Indias Great Eastern Shipping Co Ltd has not been able to pay Greek firm Eurotankers,which holds an account with RBS,for using one of its supertankers to ship Iranian crude because the UK-based bank would not clear the payment,the sources said.
The source said the deal was considered to be a new contract as it was made in the spot freight market. An RBS spokesman declined to comment. The action by RBS adds to the difficulties India and other Asian oil buyers face in trying to maintain imports of Iranian crude amid sanctions.
Even if activity appears to be okay,they do not like to do it because it is too hard to convince anyone they are complying with sanctions while dealing with Iran oil.
In addition to the EU,the United States has also imposed a raft of sanctions on Iran aimed at forcing it to halt its nuclear programme which the West believes is being used to develop atomic weapons,but which Tehran maintains is for peaceful purposes. Great Eastern Shipping hired the tanker,the Remi,at January-end to deliver 93,000 tonnes of Iran Heavy crude to Mangalore Refinery and Petrochemicals, sources said.
The cargo was delivered to Mangalore port on February 7,according to independent shipping data.
A Eurotankers official,who declined to be named,confirmed payment from Great Eastern was held up and the issue was now in court.
