Iran releases South Korean oil tanker seized in the Gulf since January

Iran on Friday released the South Korean oil tanker intercepted in the Persian Gulf in January over alleged pollution. The Revolutionary Guard stopped the ship due to an oil leak through its hull, and began transferring it to one of the country's ports. Tehran said the decision came after investigations were completed. 

The South Korean Foreign Ministry reported hours earlier the release of the tanker, which is now crossing the Strait of Hormuz. The vessel set sail from the Iranian port of Bandar Abbas at around 6 a.m. local time with the entire crew, including the captain and twelve other crew members on board. All were "safe and sound", according to the South Korean authorities. The crew was released in February, but remained on board the vessel for maintenance purposes. 

Iranian Foreign Ministry spokesman Said Khatibzade said that the Iranian government complies fully with maritime legislation and is demanding in terms of environmental legislation. For its part, the company operating the ship, DM Shipping, has consistently denied that the vessel was leaking. "At the request of the owner and the Korean government, the order to release the ship was issued by the prosecutor," Jatibzadé added. 

The Iranian Revolutionary Guard intercepted the tanker on 4 January while it was sailing from the Saudi petrochemical facility of Al-Jubayl towards Fujairah in the United Arab Emirates. Armed Iranian Revolutionary Guard troops then stormed the tanker and drove it to the port of Bandar Abbas, where it has remained for the past three months.

The tanker was carrying some 7,200 tonnes of 'petroleum chemicals' when it was seized, and Tehran accused the vessel of maritime pollution. The hijacking of the ship triggered a diplomatic row that resulted in Iranian demands to South Korea for the release of $7 billion in funds frozen in South Korean banks under US sanctions. For this reason, the seizure was seen as an attempt by Tehran to pressure Seoul.

Meanwhile, the subsequent release comes amid rumours of a breakthrough in resolving the unblocking of funds between Iran and South Korea. Both countries have been trying to resolve the issue of frozen funds, including the use of the US-backed Swiss Humanitarian Trade Agreement (SHTA) to facilitate the export of humanitarian goods to Iran. The procedure of unfreezing the funds requires the acquiescence of several countries, including the US, which imposed sanctions on Iran's banking and oil sector in 2018. 

A senior South Korean foreign ministry official has stated that Seoul's willingness on resolving the issue of Iranian assets tied up in South Korea "possibly had a positive influence" on the decision taken by Iran to release the ship, according to the Associated Press. The same official added that Iran had acknowledged South Korean attempts to resolve the dispute, and stressed that the negotiations were also related to the nuclear deal. However, neither side has officially acknowledged any connection between the two episodes. 

The Persian Gulf has been the subject of high tensions between the Tehran regime and the West, especially the United States. The decision to abandon the nuclear deal under Trump and the imposition of new sanctions on Iran have been the breeding ground for this, but the Biden administration has expressed its willingness to rebuild the pact. 

South Korea announced last March an agreement with the US to release the frozen funds, although it has not yet received the green light from Washington. The South Korean Foreign Ministry did not comment on the funds, although local media reports suggest that Prime Minister Chung Sye-kyun will soon visit Tehran.

US Secretary of State Antony Blinken made it clear that the Biden administration would oppose it unless Iran re-signed the nuclear deal. Talks between Tehran and the international community on the issue began this week in Vienna. The US has said it is ready to lift sanctions, but has stressed that it will not offer any unilateral gestures to "sweeten any kind of deal or to induce Iran to return to the negotiating table", according to State Department spokesman Ned Price.

The US is prepared to "take the necessary steps to return to compliance with the Joint Comprehensive Plan of Action (JCPOA), including lifting sanctions that are inconsistent with it". Regarding talks with Tehran, Price reiterated that "we did not go into these discussions this week expecting any immediate breakthrough, but there is a long road ahead, although it will be difficult".