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Iran sanctions breach suspicion prompts bank to seize ships

German bank NordLB reacts to allegations of fuel tankers breaching US sanctions against Iran, seeking to seize the vessels in question.

Photo: HAMAD I MOHAMMED/REUTERS / X01444

Reports alleging that fuel tankers appeared to breach US sanctions against Iran were cited in court filings by a bank as it sought to seize the ships, accusing the owners of loan default.

The accusations, which led to the temporary arrest of the vessels in Singapore late last month, come as the US seeks to isolate the regime in Tehran by cutting off oil sales, a major source of revenue. They also underscore how traders and shippers suspected of violating sanctions can run foul of their own lenders, not just governments.

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