Actions Further Reduce Iran’s Revenue Used to Support Terrorism
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is further disrupting Iran’s oil exports by imposing sanctions on Greek national Antonios Margaritis, his network of companies, and nearly a dozen vessels involved in Iran’s shadow fleet. Margaritis has leveraged his decades of experience in the shipping industry to illicitly facilitate the transportation and sale of Iranian petroleum. Several other vessels and operators are also being designated today for their role facilitating Iranian oil exports, which generates revenue that contributes to Iran’s advanced weapons programs.
“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."
Today’s action is being taken pursuant to Executive Order (E.O.) 13902, which targets Iran’s petroleum sector. Today’s action also marks the latest round of sanctions targeting Iranian oil sales since the President issued National Security Presidential Memorandum 2 (NSPM-2), instituting a campaign of maximum economic pressure on Iran.
Maintaining pressure on enablers of Iranian oil shipments
Iran continues to rely on an international network of organized, witting actors to sell and transport its oil, which funds the Iranian regime and its terrorist activities in the region. These actors range from complicit individuals personally profiting from the illicit trade to special purpose vehicles that own and deceptively operate vessels transporting Iranian commodities to end users in multiple jurisdictions.
Antonios Margaritis Network
Greek national Antonios Margaritis (Margaritis) has facilitated the transportation of Iranian oil and petroleum products for many years and has leveraged his decades of experience in the shipping industry to illicitly facilitate the transportation and sale of Iranian petroleum. He has most recently been involved in the operations of OFAC-sanctioned vessel MS ENOLA and MS ANGIA, which has carried Iranian oil. In December 2024, OFAC sanctioned Journey Investment Company, Rose Shipping Limited (Rose Shipping), and Passada Maritime Limited, which are part of Margaritis’ oil shipping operations.
Today, OFAC is building on these past designations and further targeting Margaritis’ shipping network: Marant Shipping and Trading S.A., based in Greece and the Marshall Islands, as well as other companies based in the Marshall Islands, Square Tanker Management Ltd., Comford Management S.A., and United Chartering S.A. Margaritis maintains control over this group of entities to facilitate his network’s movement of Iranian cargo and has continued to do so after vessels in his network have been sanctioned. Also targeted today is Cristobal Marine Corp., which is owned by Rose Shipping.
Antonios Margaritis is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. Marant Shipping and Trading S.A., Square Tanker Management Ltd., Comford Management S.A., and United Chartering S.A. are being designated pursuant to E.O. 13902 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Antonios Margaritis. Cristobal Marine Corp. is being designated pursuant to E.O. 13902 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Rose Shipping Limited.
Additional Iranian Oil Export Facilitators
UAE-based Ozarka Shipping - FZCO manages and operates the Antigua and Barbuda-flagged vessels VICTORY ARI (IMO 9290919) and SONDOS (IMO 9268186), in addition to the Gambia-flagged KATSUYA (IMO 9178068). Since mid-2024, the KATSUYA has conducted multiple shipments of Iranian petroleum products and conducted at least two ship-to-ship transfers with two OFAC-sanctioned vessels: the SORION, previously known as HS STAR (IMO 9274446), and SARAK (IMO 9226968). The VICTORY ARI and SONDOS have both transported Iranian petroleum products to China.
Ozarka Shipping - FZCO is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. The VICTORY ARI, the SONDOS, and the KATSUYA are being identified as property in which Ozarka Shipping - FZCO has an interest.
Marshall Islands-based Changbai Glory Shipping Limited is the registered owner of the Liberian-flagged LAFIT (IMO 9379698), which, since March of 2025, has transported over four million barrels of Iranian oil to customers in China. British Virgin Islands-based Regal Liberty Limited is the owner of the Hong Kong flagged GIANT (IMO 9238868), which, in early 2025, conducted a ship-to-ship transfer with the OFAC sanctioned SALVIA (IMO 9297319) and transported approximately two million barrels of Iranian oil to China.
Changbai Glory Shipping Limited and Regal Liberty Limited are being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. The LAFIT is being identified as property in which Changbai Glory Shipping Limited has an interest. The GIANT is being identified as property in which Regal Liberty Limited has an interest.
Hong Kong-based companies U Beacon Shipping Co., Limited and Hong Kong Hangshun Shipping Limited are the registered owners of the Panama-flagged ADELINE G (IMO 9234666) and KONGM (IMO 9256975), respectively, which have both transported shipments of Iranian oil. The ADELINE G has recently transported more than a million barrels of Iranian oil to China and has conducted several other shipments of Iranian oil dating back to July 2022. Since early 2025, Panama-flagged KONGM has transported millions of barrels of Iranian oil to multiple locations in China, including conducting a ship-to-ship transfer with the OFAC-sanctioned vessel TITAN(IMO 9293741).
Also based in Hong Kong, Ares Shipping Limited is the owner of the Honk Kong-flagged ARES (IMO 9174397), which has conducted several shipments of Iranian oil to transport nearly ten million barrels of Iranian, including conducting ship-to-ship transfers with the OFAC-sanctioned vessels TITAN, GOODWIN (IMO 9379703), and AMAK (IMO 9244635) since late 2024.
U Beacon Shipping Co., Limited, Hong Kong Hangshun Shipping Limited, and Ares Shipping Limited are being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. The ADELINE G is being identified as property in which U Beacon Shipping Co., Limited has an interest. The KONGM is being identified as property in which Hong Kong Hangshun Shipping Limited has an interest. The ARES is being identified as property in which Ares Shipping Limited has an interest.
SANCTIONS IMPLICATIONS
As a result of today’s action, all property and interests in property of the designated or blocked persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, or 50 percent or more by one or more blocked persons are also blocked. Unless authorized by OFAC, or exempt, OFAC’s regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons.
Violations of U.S. sanctions may result in the imposition of civil or criminal penalties on U.S. and foreign persons. OFAC may impose civil penalties for sanctions violations on a strict liability basis. OFAC’s Economic Sanctions Enforcement Guidelines provide more information regarding OFAC’s enforcement of U.S. economic sanctions. In addition, financial institutions and other persons may risk exposure to sanctions for engaging in certain transactions or activities involving designated or otherwise blocked persons. The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any designated person, or the receipt of any contribution or provision of funds, goods, or services from any such person.
The power and integrity of OFAC sanctions derive not only from OFAC’s ability to designate and add persons to the SDN List, but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. For information concerning the process for seeking removal from an OFAC list, including the SDN List, or to submit a request, please refer to OFAC’s guidance on Filing a Petition for Removal from an OFAC List
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