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. 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.
E.O. 13902 imposes sanctions with respect to any person determined by the Secretary of the Treasury, in consultation with the Secretary of State, to operate in the construction, mining, manufacturing, and textiles sectors of the Iranian economy, and any additional sectors of the Iranian economy as may be determined by the Secretary of the Treasury, in consultation with the Secretary of State. On October 8, 2020, the Secretary of the Treasury identified the financial sector of the Iranian economy for additional sanctions under E.O. 13902. Iranian and non-Iranian persons operating in these sectors could be subject to sanctions pursuant to E.O. 13902.
