As per a new report, it has been revealed that a Greek ship owner exported Iranian crude oil to an Indian shipping company despite the Western Sanctions that Iranian crude and petroleum products would not be exported to other nations.
The report says that noticing the same, the Royal Bank of Scotland has ordered Great Eastern Shipping Co Ltd not to pay anything to the Greek company. It has been found that the Indian company has been told that the payment would not be released by the UK-based bank.
It has been found that the European Union had put a ban on new contracts to purchase or import Iranian crude and petroleum products. The EU had announced that only those members who are already in contract could do so until July 1.
However, any new contracts were banned. But, the deal between the two companies was signed in the spot freight market and was a new one only. And the same has caused the RBS to take action, thereby causing difficulties for Asian or Indian oil buyers, the report adds.