U.S. Sanctions China, Greek Networks in Iran Oil Crackdown

Washington: The United States announced sanctions today, targeting China-based oil terminal operators and a Greek national’s shipping network for facilitating Iran’s illicit oil exports, which the U.S. says generate revenue for the Iranian regime’s activities. The Department of State and the Department of the Treasury designated these entities and individuals under Executive Orders 13846 and 13902, respectively, as part of a broader effort to disrupt Iran’s petroleum trade pursuant to National Security Presidential Memorandum 2 (NSPM-2).

The Department of State imposed sanctions on two China-based crude oil and petroleum storage operators: Qingdao Port Haiye Dongjiakou Oil Products Co., Ltd. (DJK Oil Products) and Yangshan Shengang International Petroleum Storage and Transportation Co., Ltd. These entities operate in Shandong’s Dongjiakou Port and Zhejiang’s Yangshan Port, respectively, and are accused of handling millions of barrels of Iranian oil transported by U.S.-designated tankers. Dongjiakou Port, a major hub for Iranian crude, processed at least 65 million barrels of Iranian-origin oil in 2025, with many cargos marketed by the U.S.-designated National Iranian Oil Company (NIOC). Yangshan Shengang received over four million barrels from April 6, 2024, to March 24, 2025, including a shipment of over half a million barrels from the U.S.-designated vessel TURACO on March 24, 2025. Additional U.S.-designated vessels, including VLADIMIR ARSENYEV, NIKOLAY ZADORNOV, YURI SENKEVICH, and SI HE, made port calls at Yangshan Shengang in early 2025. This action marks the State Department’s fourth round of sanctions targeting China-based terminal operators involved in Iran’s oil supply chain.

Concurrently, the Treasury’s Office of Foreign Assets Control (OFAC) designated Greek national Antonios Margaritis and his network of companies for their role in transporting Iranian petroleum. Margaritis, with decades of shipping industry experience, has facilitated the movement of Iranian oil, including via previously sanctioned vessels MS ENOLA and MS ANGIA. His network includes Greece- and Marshall Islands-based Marant Shipping and Trading S.A., Square Tanker Management Ltd., Comford Management S.A., United Chartering S.A., and Cristobal Marine Corp., the latter owned by the previously designated Rose Shipping Limited. These entities were designated for being owned or controlled by Margaritis or for acting on his behalf in Iran’s petroleum sector.

The Treasury also designated nearly a dozen vessels involved in shipping Iranian oil, primarily to China. UAE-based Ozarka Shipping – FZCO manages the Antigua and Barbuda-flagged VICTORY ARI and SONDOS, and the Gambia-flagged KATSUYA, which conducted ship-to-ship transfers with sanctioned vessels SORION and SARAK since mid-2024. Marshall Islands-based Changbai Glory Shipping Limited owns the Liberian-flagged LAFIT, which has transported over four million barrels of Iranian oil to China since March 2025. British Virgin Islands-based Regal Liberty Limited owns the Hong Kong-flagged GIANT, which moved approximately two million barrels after a ship-to-ship transfer with the sanctioned SALVIA. Hong Kong-based U Beacon Shipping Co., Limited, Hong Kong Hangshun Shipping Limited, and Ares Shipping Limited were designated for operating the Panama-flagged ADELINE G, KONGM, and Hong Kong-flagged ARES, respectively. These vessels transported millions of barrels of Iranian oil, with ARES moving nearly ten million barrels since late 2024 through transfers with sanctioned vessels TITAN, GOODWIN, and AMAK.

According to Treasury Secretary Scott Bessent, these actions aim to disrupt Iran’s ability to fund its advanced weapons programs and support groups that threaten U.S. troops and allies. The sanctions, enacted under NSPM-2, block all property and interests of the designated entities and individuals in the U.S. or under U.S. control and prohibit U.S. persons from engaging in transactions with them unless authorised by OFAC. Entities owned 50 per cent or more by designated persons are also blocked, and violations may result in civil or criminal penalties. The U.S. states that the goal of these sanctions is to encourage behavioural change, targeting Iran’s illicit oil trade network, which involves complicit actors and shadow fleets. These measures build on prior designations, such as the December 2024 sanctions on Journey Investment Company, Rose Shipping Limited, and Passada Maritime Limited.

– global bihari bureau

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