The nearly month-long detention of the Grace 1 is "the most successful implementation of the European sanctions regime to date," the head of Gibraltar's government said Thursday.

Chief Minister Fabian Picardo issued a statement, hours after the 300,000-dwt Grace 1 (built 1997) was ordered released by a court in the British overseas territory, detailing the rationale for detaining the VLCC and the reasons for letting it go.