The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced new sanctions aimed at disrupting Iran’s oil exports. The action targets Greek national Antonios Margaritis, his network of companies, and nearly a dozen vessels alleged to be part of Iran’s so-called shadow fleet.
According to the Treasury, Margaritis has used his experience in shipping to help move and sell Iranian petroleum products in violation of U.S. sanctions. Several other operators and vessels are also being sanctioned for facilitating Iranian oil exports, which officials say provide revenue that supports Iran’s advanced weapons programs.
“Today’s action against Margaritis and his network degrades Tehran’s ability to fund its advanced weapons programs, support terrorist groups, and threaten the safety of our troops and our allies,” said Secretary of the Treasury Scott Bessent. “Under the leadership of President Trump, Treasury remains determined to hold accountable all those who seek to aid the Iranian regime and threaten global security."
These actions are being taken under Executive Order 13902, which targets Iran’s petroleum sector. They follow earlier measures introduced as part of a campaign described by the administration as maximum economic pressure on Iran.
The Treasury states that Iran relies on an international network—including individuals and special purpose entities—to transport oil that funds its government and regional activities. The announcement highlights recent involvement by Margaritis in operations using previously sanctioned vessels such as MS ENOLA and MS ANGIA. Companies including Marant Shipping and Trading S.A., Square Tanker Management Ltd., Comford Management S.A., United Chartering S.A., Rose Shipping Limited, Passada Maritime Limited, Journey Investment Company, and Cristobal Marine Corp. have been identified as connected to these activities.
Other companies designated include UAE-based Ozarka Shipping - FZCO, which manages vessels flagged in Antigua and Barbuda as well as Gambia; Marshall Islands-based Changbai Glory Shipping Limited; British Virgin Islands-based Regal Liberty Limited; Hong Kong-based U Beacon Shipping Co., Limited; Hong Kong Hangshun Shipping Limited; and Ares Shipping Limited. These companies are accused of operating ships that have transported millions of barrels of Iranian oil—mainly to China—and conducting ship-to-ship transfers with already-sanctioned vessels.
As a result of these designations, all property or interests belonging to named individuals or entities within U.S. jurisdiction are blocked. Any transactions involving these parties by U.S. persons or within the United States are generally prohibited unless authorized by OFAC.
Violating these sanctions can lead to civil or criminal penalties for both U.S. citizens and foreign nationals. OFAC emphasizes that financial institutions or others engaging with designated persons may risk further exposure to sanctions.
OFAC notes that while it actively adds persons to its Specially Designated Nationals (SDN) List when enforcing sanctions policy, it is also willing to remove names from this list if appropriate under law. The stated aim is not punishment but behavioral change among targeted parties.
For more information about today’s designations and vessel identifications, visit https://home.treasury.gov/news/press-releases/jy2345 .
