The United States has escalated pressure on Iran’s energy sector by imposing new US sanctions on a Greek shipowner over Iranian oil smuggling. The Treasury Department announced the measures against Antonios Margaritis, his network of shipping companies, and nearly a dozen vessels that are part of Iran’s so-called “shadow fleet.”
In a statement published by the Office of Foreign Assets Control (OFAC), Margaritis was accused of using “decades of experience in shipping to illegally facilitate the transport and sale of Iranian oil.” The new sanctions build on previous measures introduced in December 2024 against companies tied to his petroleum transport activities.
“These actions against Margaritis and his network limit Tehran’s ability to fund advanced weapons programmes, support terrorist organisations, and threaten the security of our troops and allies,” said Treasury Secretary Scott Bessent.
Among the sanctioned companies are Marant Shipping and Trading S.A., Square Tanker Management Ltd., Comford Management S.A. and United Chartering S.A., which, according to OFAC, continued to facilitate Iranian cargoes despite earlier penalties.
Sanctions also extend to non-Greek companies, including UAE-based Ozarka Shipping – FZCO and three of its vessels, which delivered Iranian petroleum products to China. Additional measures target shipping firms registered in the Marshall Islands, the British Virgin Islands and Hong Kong, which allegedly transported millions of barrels of Iranian oil, mainly to Chinese buyers.
The sanctions fall under Executive Order 13902, aimed at Iran’s petroleum sector, and form part of the “maximum economic pressure” strategy introduced under Presidential Memorandum NSPM-2.
As a result, all property and interests of the designated individuals and companies within the United States or under the control of US persons are frozen and must be reported to OFAC. Furthermore, US citizens and companies are prohibited from conducting business with these entities without special authorisation.
The move marks the latest escalation in Washington’s campaign to disrupt Iran’s oil trade by targeting international networks engaged in Iranian oil smuggling.
Also: Cyprus-based company included in US sanctions on Iran
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