US imposes new sanctions on Iran’s shadow fleet over oil shipments to China
Photo: The US expects sanctions to prevent Iran from developing new weapons (Getty Images)
The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury has announced new sanctions against an international network of companies and vessels that make up Iran’s shadow fleet. The reason is the illegal transportation of oil to China, according to the US Treasury Department.
In particular, sanctions were imposed on Greek national Antonios Margaritis, whose network of companies and vessels is part of Iran’s so-called shadow fleet. According to the department, Margaritis used "his decades of experience in the shipping industry to illicitly facilitate the transportation and sale of Iranian petroleum."
US Treasury Secretary Scott Bessent said the sanctions will weaken Iran’s ability to finance the development of advanced weapons and "support terrorist groups" that threaten the security of US forces and allies.
OFAC determined that Margaritis controls several companies, including Marant Shipping and Trading S.A., Square Tanker Management Ltd., Comford Management S.A., and United Chartering S.A., registered in Greece and the Marshall Islands. These companies continued transporting Iranian cargo even after some of their vessels were already sanctioned. Cristobal Marine Corp., connected to his network, was also added to the sanctions list.
In addition, sanctions were imposed on Ozarka Shipping - FZCO (UAE), which operated the vessels VICTORY ARI, SONDOS (under the flag of Antigua and Barbuda), and KATSUYA (under the flag of Gambia). Changbai Glory Shipping Limited (Marshall Islands), which owns the vessel LAFIT (Liberian flag), also came under restrictions.
Hong Kong-based U Beacon Shipping Co., Limited and Hong Kong Hangshun Shipping Limited, owners of the vessels ADELINE G and KONGM (Panama flag), as well as Ares Shipping Limited, which owns the vessel ARES, were also added to the sanctions list.
According to US law, all property and ownership interests of sanctioned individuals that are in the United States or under the control of US persons are subject to blocking. Any transactions with their involvement are also prohibited unless authorized by OFAC.
Germany, France, and the United Kingdom recently sent a letter to the UN expressing readiness to reinstate sanctions against Iran.
In June, the United States targeted three nuclear facilities in Iran - Fordow, Natanz, and Isfahan. Specialized bunker-buster bombs were used to strike the sites.
