Iran-backed Houthis attack another Greek-operated vessel in Red Sea
The Iran-backed Houthis in Yemen targeted a crude oil tanker in the Red Sea amidst its blockade targeting global shipping, with a Greek-operated vessel struck in the latest attack.
The Iran-backed Houthis in Yemen targeted a crude oil tanker in the Red Sea amidst its blockade targeting global shipping, with a Greek-operated vessel struck in the latest attack.
Earlier, in response to growing criticism over these loans, the Central Bank released a report on August 30, stating that the total loans provided by banks and credit institutions to their employees, managers, and board members in 2023 amounted to more than 9,100 trillion rials (over $1.5 billion).
Despite this amount of bank loans to their employees and subsidiaries, the Central Bank said that "reviews indicate that, given the issuance of the Central Bank's directives and regulations in this regard, these loans are under controlled management."
Two of the country's most influential banks, Mellat and Sepah Bank, issued the highest volume of loans, providing 190 trillion rials (over $315 million) and 145 trillion rials (over $240 million), respectively, to their subsidiaries last year.
Both banks are notorious for their controversial roles in Tehran’s political and financial arenas, having been accused of supporting military and nuclear programs—activities that have resulted in severe international sanctions. In the face of these sanctions and economic hardships, they have been propped up and kept afloat by Iran's Central Bank.
In reaction to news of the large loans to bank employees and subsidiaries, domestic media have highlighted the significant challenges ordinary citizens face securing loans for housing, marriage, entrepreneurship, and private sector ventures.
State media Khabar Online reported that the loans granted by banks to their employees and subsidiaries are nearly equivalent to the total amount needed for marriage loans for 300,000 people who have been waiting for months with no response from the Central Bank.
On Sunday, semi-official ILNA news agency reported that Jafar Ghaderi, a member of the parliament, mentioned the "distribution of astronomical loans" among bank employees and the "unequal access to loans among the public." He stated that the Governor of the Central Bank and several bank CEOs would be summoned to parliament to provide explanations on this matter.
The report highlights a stark disparity in loan ceilings between different groups. For some bank employees, the loan limit exceeds 10 billion rials (over $16,000), while retirees have a maximum loan limit of only 300 million rials ($500), which is less than what a bank teller earns in a month.
In contrast, tenants seeking rental deposit loans and couples looking for marriage loans face long waiting lists, with the banking system attributing these delays to a lack of financial resources.
Meanwhile, the latest July report from the Codal system indicates that the accumulated losses of Iran's banking system amount to 3,700 trillion rials (over $6 billion).
According to a report by Eco Iran on July 10, "the accumulated losses of the country's banking system have exceeded $6 billion, which is more than half of the projected oil revenues for this fiscal year (starting March 21). In other words, addressing the banks' accumulated losses would require at least 50 percent of this year's oil revenues."
The highest recorded accumulated loss belongs to Ayandeh Bank, which has exceeded 1,140 trillion rials nearly ($2 billion).
The latest figures from the Codal system suggest that Melli Bank had an accumulated loss of more than 760 trillion rials (over $1.2 billion) by the end of September last year, ranking second.
Other banks with significant accumulated losses include Sarmayeh, Sepah, Iran Zamin, Shahr, Dey, Keshavarzi, Maskan, Melal Credit Institution, Parsian, Tosee Taavon Bank, and Taavon.
The move was reportedly part of a strategy to present Afghan refugees as Iranian citizens who would vote in the 2024 parliamentary elections and support the anticipated re-election bid of former President Ebrahim Raisi in 2025. Since 2020, Iranians have increasingly resisted participating in elections, which are widely perceived as biased and unfair, favoring hardline factions, including the ultraconservative Paydari Party.
During the past weeks, numerous reports in the Iranian press and social media posts have accused Afghan immigrants of being unwelcome elements exacerbating the country's already strained employment, health, and education sectors.
Iran has been grappling with a severe economic crisis since 2018, following the United States' withdrawal from the JCPOA nuclear deal and the subsequent imposition of sanctions. The inefficient, government-controlled economy has struggled to manage the fallout, with inflation soaring above 40 percent.
Public infrastructure, already weakened by years of inadequate investment, is buckling under the pressure. School buildings are crumbling, and teachers earn as little as $250 per month. This summer, a severe power shortage gripped the country, leaving industries idle and homes enduring prolonged blackouts.
Amid these dire conditions, many Iranians argue that the country is simply not in a position to accommodate additional migrants. They accuse the government of negligence in failing to stem the influx of Afghan refugees, which, according to some estimates, has added 8 million people to the population—roughly 10 percent of Iran's total.
However, following the election of President Massoud Pezeshkian, some recent reports have sought to ease societal tensions in Iran. One of the latest reports argued that hostility towards Afghan immigrants is, in fact, an anti-Iranian stance. The report contended that the campaign against the presence of Afghans in Iran represents a form of hostile nationalism that fosters irrational xenophobia.
Meanwhile, other reports have revealed that contractors associated with the Tehran Municipality have been exploiting young Afghan children, employing them as trash collectors and recycling workers for wages that are up to five times lower than the minimum wage.
A Tehran City Councilor told Khabar Online that these children do not have identification documents and bank cards so if they do not receive their pay for any reason, they cannot file a complaint against the contractors in Iranian courts. They have no insurance or job security and contractors often impose difficult working conditions on them.
Meanwhile, an official acknowledged that the Municipality is aware that some Afghan children employed in its operations are becoming involved in social issues, including juvenile delinquency. He admitted that these children have entered Iran illegally and warned that without decisive action from the authorities, this delinquency could escalate into a significant and unresolvable social crisis.
Meanwhile, due to the extremely high fertility rate among Afghan women living in Iran, as much as 50 percent of all births in Alborz Province are attributed to Afghan refugees. An official from an insurance company reported that up to 73 percent of these births have been performed via C-section, which is more expensive than natural childbirth. He also noted that, in line with an agreement with the UN High Commissioner for Refugees, up to 6,000 of the poorest refugees are provided with free health insurance.
As in other countries experiencing high rates of immigration, there are conflicting accounts of how Iran treats its Afghan refugee population. Some reports suggest that Afghan refugees are being recruited to fight in the war in Syria, while others claim they are being used to compensate for the lack of Iranian participation in elections.
The US Central Command said in a statement that the Saudi-owned Amjad vessel and the Panama-flagged and Greek-operated Blue Lagoon I were hit in an attack but Saudi Arabia later denied the assessment.
However, Saudi’s national shipping company, Bahri, announced on Tuesday that "Amjad was not targeted and sustained no injuries or damage."
The vessel, which was carrying approximately two million barrels of crude oil, remains seemingly fully operational and is continuing its voyage to its planned destination without interruption.
Bahri emphasized that all relevant authorities were promptly informed, and that the company remains in continuous communication with its crew, closely monitoring the evolving situation.
Iran has vocally supported and praised the Houthis, but rejected claims that it has provided them with arms. The Houthis are a designated terror group by countries including the US and UK.
The US Central Command earlier revealed that the Houthis launched the assault using two ballistic missiles and an unmanned aerial vehicle, striking both vessels, calling the move "reckless acts of terrorism by the Houthis."
Although the Houthis claimed responsibility for targeting the Blue Lagoon with missiles and drones, they made no mention of the Amjad.
The Joint Maritime Information Center, responsible for tracking such incidents, reported that three ballistic missiles hit the Blue Lagoon I tanker 70 nautical miles northwest of the Yemeni port of Saleef.
The center "assesses that Blue Lagoon I was targeted due to other vessels within its company structure making recent port calls in Israel," it said in a report.
"All crew on board are safe. The vessel sustained minimal damage but does not require assistance."
Saudi Arabia, the world’s leading oil exporter, has expressed growing concern over the increased frequency of Houthi attacks on ships in the Red Sea, a maritime corridor for global energy supplies.
The attacks are part of a broader campaign by the Houthis, who have been emboldened by Iran’s support, and have dragged Yemen to become the region's poorest nation after a decade-long war civil war against a Saudi-led coalition.
The recent escalation follows a series of aerial drone and missile strikes by the Houthis, which they claim are in solidarity with Palestinians amid the ongoing conflict in Gaza, in a bid to force Israel into a ceasefire.
The Houthis began targeting maritime commercial traffic in mid-November, following a directive from Iran’s Supreme Leader Ali Khamenei, who urged Muslim nations to impose a blockade on Israel.
Initially concentrated in the Red Sea, these attacks have since spread to other vital waterways, including the Indian Ocean, disrupting international shipping and resulting in the capture of dozens of seafarers.
In response to this growing threat to global trade and freedom of navigation, a US-led coalition of over 20 nations has been formed to counter the blockade. It has seen joint attacks by the UK and US on Houthi infrastructure in Yemen.
