The vessel, named Marinera and previously Bella-1, was captured by US forces in waters between Iceland and Scotland.
RAF surveillance craft and the RFA Tideforce naval support vessel were among the British military assets involved in the operation.
The Marinera, which was Venezuelan-linked, appeared to be heading for a Russian arctic port.
The seizure could become a new point of contention between Western nations and Moscow, with Russia's transport ministry implying a breach of international maritime law.