The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions on August 21, targeting Greek national Antonios Margaritis, his shipping network, and multiple vessels involved in transporting Iranian oil.
Margaritis has used his experience in the shipping sector to facilitate the movement and sale of Iranian petroleum, including through previously sanctioned vessels MS ENOLA and MS ANGIA.
OFAC extended earlier measures from December 2024 against Journey Investment Company, Rose Shipping Limited, and Passada Maritime Limited by designating Marant Shipping and Trading S.A., Square Tanker Management Ltd., Comford Management S.A., United Chartering S.A., and Cristobal Marine Corp. According to the Treasury, Margaritis continues to control these entities despite earlier sanctions.
Other designations include UAE-based Ozarka Shipping - FZCO, which manages the Antigua and Barbuda-flagged VICTORY ARI, SONDOS, and the Gambia-flagged KATSUYA.
Since mid-2024, these vessels have transported Iranian petroleum, with shipments going to China.
Marshall Islands-based Changbai Glory Shipping Limited, owner of the LAFIT, and British Virgin Islands-based Regal Liberty Limited, owner of the GIANT, were sanctioned for facilitating millions of barrels of Iranian oil deliveries to China in 2025.
Hong Kong-based U Beacon Shipping Co., Limited, Hong Kong Hangshun Shipping Limited, and Ares Shipping Limited were also sanctioned. Their vessels ADELINE G, KONGM, and ARES have transported Iranian oil, with the ARES alone moving nearly ten million barrels since late 2024.
The sanctions are issued under Executive Order 13902, which targets Iran’s petroleum sector, and are part of the broader “maximum economic pressure” campaign outlined in National Security Presidential Memorandum 2.
All property of designated entities and individuals in the United States, or under control of U.S. persons, is now blocked. Transactions with sanctioned persons are prohibited unless authorized by OFAC. The Treasury noted that violations may lead to civil or criminal penalties and that the sanctions process includes a legal pathway for removal from the Specially Designated Nationals list.
Office of Foreign Assets Control (OFAC) is a division of the U.S. Department of the Treasury responsible for administering and enforcing economic and trade sanctions based on U.S. foreign policy and national security goals.
Marant Shipping and Trading S.A. is a shipping company incorporated in Greece and the Marshall Islands, operating under international maritime regulations.