US forces seize Russian-flagged oil tanker off Iceland

(Sharecast News) - US forces have seized a Russian-flagged oil tanker off the coast of Iceland in the North Atlantic, military officials said on Wednesday. The vessel, named the Marinera, had sailed into the southeastern Icelandic exclusive economic zone in the early hours of Wednesday, Iceland's Coast Guard said. It is not carrying any oil cargo.

US European Command confirmed the seizure via social media, saying it was for violations of American sanctions.

"The vessel was seized in the North Atlantic pursuant to a warrant issued by a U.S. federal court after being tracked by USCGC Munro," it added.

US President Donald Trump overnight said the US was taking $2bn in Venezuelan oil in a move that angered China - a major customer of the Latin American country taking around 80% of its crude exports. The move could potentially force Beijing to pay higher prices for its crude and increase tensions with Washington.

China's foreign ministry on Wednesday said Venezuela "enjoys full and permanent sovereignty over its natural resources and economic activities" and that US demands for the country to hand over its oil "violate international law, infringe upon Venezuela's sovereignty, and harm the rights of the Venezuelan people".

Trump said Venezuela would be "turning over" between 30m and 50m barrels of "High Quality, Sanctioned Oil" following an agreement struck with Caracas.

"The Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States, to ensure it is used to benefit the people of Venezuela and the United States!" he added.

US forces snatched Venezuelan president Nicolas Maduro and flew him to New York to face a range of charges related to drug trafficking after weeks of pressure. Trump has since been explicit that Venezuela must now open up its vast oil reserves to US companies or risk further military invention.

The country already has millions of barrels of oil loaded in tankers and storage tanks that it has been unable to ship after Trump imposed a blockade on exports late last year.

Reporting by Frank Prenesti for Sharecast.com