US sanctions multiple international shipping firms over Iran oil smuggling

The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury has imposed new sanctions on an international network of companies and vessels connected to Iran’s so-called “shadow fleet” for illegally transporting oil to China.

Information from the US Department of the Treasury, shared by Caliber.Az, indicates that Greek citizen Antonios Margaritis is among those targeted, as his network of companies and ships played a central role in these operations. According to the Treasury Department, Margaritis “used his many years of experience in the shipping industry to illegally facilitate the transportation and sale of Iranian oil.”

US Treasury Secretary Scott Besent emphasised that the sanctions are designed to weaken Iran’s ability to fund the development of advanced weapons and “support terrorist groups” that threaten the security of US and allied forces.

OFAC identified several companies controlled by Margaritis, including Marant Shipping and Trading SA, Square Tanker Management Ltd., Comford Management SA, and United Chartering SA, registered in Greece and the Marshall Islands. These companies continued transporting Iranian cargo even after some of their vessels were previously sanctioned. Cristobal Marine Corp., also linked to Margaritis’s network, was included in the restrictions.

Additional sanctioned entities include Ozarka Shipping - FZCO (UAE), which operated the vessels VICTORY ARI, SONDOS (flagged in Antigua and Barbuda), and KATSUYA (flagged in Gambia), and Changbai Glory Shipping Limited (Marshall Islands), owner of the vessel LAFIT (flagged in Liberia).

Hong Kong-based companies U Beacon Shipping Co., Limited and Hong Kong Hangshun Shipping Limited, which own the vessels ADELINE G and KONGM (flagged in Panama), along with Ares Shipping Limited, owner of the vessel ARES, were also added to the sanctions list.

Under US law, all property and interests in property of sanctioned individuals and entities located in the United States, or under the control of US persons, are subject to freezing. Any transactions involving these sanctioned persons or entities are prohibited unless specifically authorised by OFAC.

By Tamilla Hasanova