The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on a network of companies and vessels involved in smuggling Iranian oil. The move is aimed at disrupting Iran’s revenue used to support terrorism.
Greek national Antonios Margaritis, who has decades of experience in the shipping industry, was targeted for facilitating the transportation and sale of Iranian petroleum. His network includes several other vessels and operators being designated today for their role in facilitating Iranian oil exports.
The sanctions also target UAE-based Ozarka Shipping – FZCO, Marshall Islands-based Changbai Glory Shipping Limited, British Virgin Islands-based Regal Liberty Limited, Hong Kong-based U Beacon Shipping Co., Limited, Hong Kong Hangshun Shipping Limited, and Ares Shipping Limited. These companies have been linked to transporting Iranian oil to China.
The US aims to maintain pressure on those who enable the smuggling of Iranian oil, which funds terrorism in the region. The sanctions are part of a campaign of maximum economic pressure on Iran, initiated by President Trump’s National Security Presidential Memorandum 2 (NSPM-2).
As a result of the sanctions, all property and interests in property of the designated or blocked persons are blocked and must be reported to OFAC. Violations of US sanctions may result in civil or criminal penalties on individuals and entities.
The move is seen as a significant step towards disrupting Iran’s revenue streams used to support terrorism and extremism.
Source: https://home.treasury.gov/news/press-releases/sb0229