The U.S. Treasury Department on Aug. 21 announced sanctions against a shipping network linked to Greek national Antonios Margaritis and nearly a dozen vessels that are used to transport and sell Iranian oil in violation of international restrictions. According to U.S. officials, Margaritis has worked in the shipping industry for decades, using his expertise to illegally facilitate exports of Iranian petroleum products.
The measures target companies including Marant Shipping and Trading S.A., Square Tanker Management Ltd., Comford Management S.A., United Chartering S.A., and Cristobal Marine Corp., which is connected to the already-sanctioned Rose Shipping. In December 2024, the Treasury’s Office of Foreign Assets Control (OFAC) had already imposed sanctions on other entities linked to Margaritis, including Journey Investment Company and Passada Maritime Limited.
Beyond the Greek network, the latest sanctions also hit shipping firms and vessels based in the United Arab Emirates, the Marshall Islands, the British Virgin Islands, and Hong Kong. Tankers named Victory Ari, Sondos, Katsuya, Lafit, Giant, Adeline G, Kongm and Ares were designated for carrying millions of barrels of Iranian crude to China.
“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.”
The sanctions were imposed under Executive Order 13902, which targets Iran’s oil sector.
This marks the second major U.S. action against Iran’s “shadow fleet” in recent weeks. On July 30, the Treasury rolled out its largest sanctions package in seven years, designating more than 115 entities — companies, individuals and dozens of ships. That network was led by Mohammad Hossein Shamkhani, the son of Ali Shamkhani, a senior adviser to Iran’s supreme leader. The younger Shamkhani was accused of generating billions of dollars for Tehran through offshore structures and front companies, as well as supplying arms and dual-use technology to Russia.