The United States has announced new sanctions targeting a Greek shipping network involved in transporting Iranian oil. The move aims to disrupt Iran’s oil exports by hitting a group of companies and vessels connected to Greek shipper Antonios Margaritis.
The US Treasury Department said the sanctions focus on companies and ships owned by Margaritis. Officials stated that he used his long experience in shipping to help transport and sell Iranian petroleum. The Treasury highlighted that these oil sales bring in money that could support Iran’s weapons programs.
Nine companies in Greece, Hong Kong, the Marshall Islands, and the United Arab Emirates were included in the sanctions. Twelve vessels were also sanctioned, some of which sail under flags from other countries. Among them is Changbai Glory Shipping Limited, based in the Marshall Islands, which owns a Liberian-flagged ship that has moved over four million barrels of Iranian oil to China since March 2025.
Some of the vessels involved operate under “flags of convenience,” meaning they sail under the flags of countries other than the ship owner’s home country. This practice is common in the shipping industry to reduce costs or avoid certain regulations, but it also complicates enforcement of international sanctions.
Canadian judge on ICC sanctioned by U.S. for role in Afghanistan war crimes probe
China is the largest buyer of Iranian oil, and the United States has been increasing efforts to limit Iran’s oil exports since a Washington-backed ceasefire between Israel and Iran began in June. This action adds to a series of previous sanctions targeting Iran’s energy sector.
Companies and Ports Targeted
The Treasury Department said the sanctions target several companies tied to Margaritis. These include Marant Shipping and Trading S.A., Square Tanker Management Ltd., Comford Management S.A., and United Chartering S.A. The aim is to block their role in facilitating the sale and transport of Iranian petroleum.
In addition, the US State Department blacklisted two Chinese port-terminal operators. These are Qingdao Port Haiye Dongjiakou Oil Products Co., Ltd., and Yangshan Shengang International Petroleum Storage and Transportation Co., Ltd. One of these ports is located in Shandong’s Qingdao area, a major entry point for Iranian crude into China. The other is in Yangshan, Zhejiang.
Officials said these ports received Iranian crude shipped by vessels already under US sanctions. Privately run terminals in these regions have become key points for the movement of sanctioned oil. In June, terminals in Qingdao handled about 15.5 million barrels of Iranian crude, according to shipping estimates.
US use of the term “sanctions” on India revives memories of 1998 penalties
The sanctions and restrictions on shipping networks can also have wider implications for the global oil trade. When vessels are sanctioned or delayed, it can affect the timing and supply of oil in international markets, influencing prices and trading patterns worldwide.
Context and Background
The latest US sanctions follow a large action earlier this year, the biggest in seven years, which targeted a network connected to Iranian oil tycoon Hossein Shamkhani, whose father is a senior adviser to Supreme Leader Ayatollah Ali Khamenei. These measures are part of a broader US effort to limit Iran’s overseas oil trade, a critical source of revenue for the country. Iran has shown the ability to navigate around previous restrictions, with China being a frequent destination for its oil shipments.
The Treasury Department emphasized that Margaritis and his network played a key role in helping Iran sell its petroleum despite sanctions. The State Department also noted that the targeted Chinese ports are significant for the reception of Iranian crude, with cargoes arriving from vessels already under sanctions.
Requests for comment from the affected Chinese companies were not immediately answered. The US continues to monitor and sanction entities involved in facilitating Iranian oil exports, as part of its ongoing efforts to regulate international trade in sanctioned commodities.