BEIRUT: Lebanon could have recently had an oil tanker seized by Eurobond holders because of its stinging debt crisis and the government was taking steps to avoid such risks in future, the energy minister said on Thursday.
Lebanon plunged into a $31 billion sovereign default in March, saying it needed to preserve dwindling dollars for vital imports, and has since entered talks with the International Monetary Fund.
Speaking at the presidential palace about an ongoing fuel oil shortage, Energy Minister Raymond GHajjar listed the potential seizure of an oil tanker off its shore by bondholders as among the issues complicating the country’s supplies.
“We have been exposed on this issue to several setbacks including what happened about two weeks ago because we weren’t able to open credit at the central bank in the required time, so there was a risk that the oil tanker would be subject to seizure by the Eurobond holders,” said GHajjar.
“We are studying this issue in order to ultimately reach a result that enables the Lebanese state to not be exposed on this matter,” GHajjar added, according to a presidency statement.
The minister did not mention who the owner of the tanker was and could not immediately be reached for further comment.
An economic rescue plan put forward by Beirut maps out about $83 billion in financial sector losses, but the figures are subject to change depending on the discount taken by foreign and local bondholders.
Beirut is hoping an IMF reform program can secure billions of dollars in financing and restore economic growth.
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Lebanon could have had oil tanker seized by Eurobond holders, says energy minister
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Lebanon could have had oil tanker seized by Eurobond holders, says energy minister
- Raymond GHajjar: We weren’t able to open credit at the central bank in the required time, so there was a risk that the oil tanker would be subject to seizure by the Eurobond holders
- Lebanon plunged into a $31 billion sovereign default in March, saying it needed to preserve dwindling dollars for vital imports
Kremlin: Room for negotiation on Iran ‘not exhausted’
- Spokesman Dmitry Peskov called for all sides to show restraint and refrain from force
MOSCOW: The Kremlin said on Thursday there was still room for negotiations in the standoff between ally Tehran and Washington, after US President Donald Trump threatened new military strikes on Iran.
The US has not ruled out using force against Iran, with rights groups saying Tehran’s crackdown on protests left thousands dead.
“It is clear that the potential for negotiations is not exhausted,” spokesman Dmitry Peskov told journalists, including from AFP.
He called for “all sides to show restraint and refrain from methods of force,” saying: “Any use of force can only create chaos in the region and lead to very dangerous consequences.”
Trump warned that the US was “ready, willing and able” to hit Iran “if necessary.”
The Islamic Republic’s top diplomat Abbas Araghchi said its forces have their “fingers on the trigger” to “powerfully respond” to any US strikes.
Iran emerged as one of Russia’s main allies during the war in Ukraine.
Independent groups said Iranian security forces have killed thousands while suppressing mass protests against Tehran’s regime.
The US has not ruled out using force against Iran, with rights groups saying Tehran’s crackdown on protests left thousands dead.
“It is clear that the potential for negotiations is not exhausted,” spokesman Dmitry Peskov told journalists, including from AFP.
He called for “all sides to show restraint and refrain from methods of force,” saying: “Any use of force can only create chaos in the region and lead to very dangerous consequences.”
Trump warned that the US was “ready, willing and able” to hit Iran “if necessary.”
The Islamic Republic’s top diplomat Abbas Araghchi said its forces have their “fingers on the trigger” to “powerfully respond” to any US strikes.
Iran emerged as one of Russia’s main allies during the war in Ukraine.
Independent groups said Iranian security forces have killed thousands while suppressing mass protests against Tehran’s regime.
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