Treasury Targets Greek Shipping Magnate’s Network in Latest Iran Oil Sanctions

The U.S. Treasury Department has intensified its campaign against Iran’s petroleum sector by imposing sanctions on Greek national Antonios Margaritis, his network of shipping companies, and nearly a dozen vessels involved in Iran’s shadow fleet.

The action, announced through the Office of Foreign Assets Control (OFAC), specifically targets Margaritis for leveraging “decades of experience in the shipping industry to illicitly facilitate the transportation and sale of Iranian petroleum.” This latest round of sanctions builds on previous designations made in December 2024 against related companies in Margaritis’ oil shipping operations.

“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.

The Treasury Department is designating several entities under Margaritis’ control, including Marant Shipping and Trading S.A., Square Tanker Management Ltd., Comford Management S.A., and United Chartering S.A.These companies have been instrumental in facilitating the movement of Iranian cargo, even after vessels in Margaritis’ network had been sanctioned.

Beyond the Margaritis network, the sanctions also target several other companies involved in transporting Iranian oil, including UAE-based Ozarka Shipping – FZCO and three vessels under its management that have transported Iranian petroleum products to China.

Additional sanctions target shipping companies based in the Marshall Islands, British Virgin Islands, and Hong Kong that collectively have transported millions of barrels of Iranian oil primarily to Chinese customers.

The sanctions are being implemented under Executive Order 13902, which targets Iran’s petroleum sector, and are part of the maximum economic pressure campaign initiated by National Security Presidential Memorandum 2 (NSPM-2).

As a result of these sanctions, all property and interests belonging to the designated persons in the United States or controlled by U.S. persons are blocked and must be reported to OFAC. U.S. persons are generally prohibited from engaging in transactions involving these blocked entities unless specifically authorized by OFAC.

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