British authorities are considering selling fuel from the SMYRTOS tanker detained in the English Channel - The Telegraph - The Insider

UK authorities intend to hold an auction for the sale of oil from the tanker SMYRTOS ( IMO : 9389100), detained in the English Channel in the middle of the month. According to The Telegraph newspaper, the proceeds may be used to support Ukraine.

The tanker is currently anchored off the coast of Weymouth, a city in southwest England. After the investigation is completed, the ship will likely be released and it will be able to return to Russia, the newspaper’s sources say.

Officials, however, believe that the 98 thousand tons of Urals oil that was on board now legally belong to London. The British government can dispose of them and, for example, sell them. The market value of these Urals volumes is estimated at 35 million pounds sterling (approximately 40 million euros).

The plan for the possible sale of fuel is now only at an early stage of discussion, but already it suggests that money from the sale could go to financial support for Kyiv. They can be transferred to Ukraine directly or used to finance defense enterprises.

The second option is that the oil can be refined in the UK and used to power homes. The legal details remain unclear: how the fuel will be transferred from state ownership to the energy company.

The SMYRTOS became the first of the “shadow fleet” tankers to be detained by British authorities in the English Channel. The captain of the tanker crew was charged with circumventing sanctions. He is now in custody, the next court hearing is scheduled for July 16.