The US Imposes New Sanctions on Iran’s ‘Shadow Fleet’ for Illegal Oil Transport
The US has introduced another package of sanctions targeting the international network of companies and vessels associated with Iran’s so-called ‘shadow fleet.’ The restrictions were implemented due to the illegal transport and sale of Iranian oil, which is being routed to China in violation of international prohibitions.
This is reported by AgroReview
Sanctions Affect Companies from Various Countries
According to official information from the US Department of the Treasury, Greek citizen Antonios Margaritis, along with a network of companies and vessels he controls, has been added to the sanctions list. He is suspected of using his years of experience in shipping to facilitate the illegal transport and sale of Iranian oil.
Margaritis “used his years of experience in the shipping industry to illegally facilitate the transport and sale of Iranian oil.”
Among the companies affected by the restrictions are Marant Shipping and Trading SA, Square Tanker Management Ltd., Comford Management SA, and United Chartering SA, which are registered in Greece and the Marshall Islands. Cristobal Marine Corp., linked to this network, has also been added to the ‘blacklist.’
The International Scope of the ‘Shadow Fleet’
The sanctions also impacted Ozarka Shipping – FZCO from the United Arab Emirates, which owns the tankers Victory Ari, Sondos (under the flag of Antigua and Barbuda), and Katsuya (flag of Gambia), as well as Changbai Glory Shipping Limited from the Marshall Islands, which operates the vessel LAFIT under the flag of Liberia.
Additionally, Hong Kong companies U Beacon Shipping Co., Limited and Hong Kong Hangshun Shipping Limited, which own the vessels Adeline G and KONGM (Panama flag), as well as Ares Shipping Limited with the vessel Ares, have been added to the list.
According to US decisions, all property and assets of sanctioned individuals located in the US or under the control of American citizens are subject to blocking, and any transactions involving them are prohibited.
It is known that Iran’s ‘shadow fleet,’ operating since 2019, has formed a global tanker network for transporting billions of dollars’ worth of sanctioned oil. Initially, shipments were made from Iran and Venezuela, but following Russia’s full-scale invasion of Ukraine and the imposition of new sanctions, the Russian Federation has also joined this scheme. According to journalistic investigations, 93% of all illegally transported oil ultimately ends up in China.