US sanctions Greek shipbroker, more companies and tankers for Iran trade

The US has sanctioned a Greek shipbroker and his companies, with other companies and vessels besides, for involvement in the trade of Iranian oil, as US President Donald Trump maintains pressure on Tehran in the wake of the June Israel-Iran conflict.

The Department of the Treasury's Office of Foreign Assets Control has imposed sanctions on Greek national Antonios Margaritis, his network of companies, and nearly a dozen vessels involved in Iran's shadow fleet, OFAC said in a statement Aug. 21.

"Several other vessels and operators are also being designated today [Aug. 21] for their role facilitating Iranian oil exports, which generates revenue that contributes to Iran's advanced weapons programs," the statement said.

Iranian officials did not immediately respond to the latest sanctions, but Foreign Minister Abbas Araghchi said that the impact of a snapback would mainly be psychological in an Aug. 20 interview with IRNA.

"We should not think that with the activation of snapback, heavier or newer sanctions will be imposed on us in a way that we couldn't be able to survive it," Araghchi said.

Meanwhile Oil minister Mohsen Paknejad said Aug. 20 that all Iranian oil on water is allocated based on market conditions, the oil ministry news service Shana reported.

"We do not have even a single barrel of oil floating on water without a plan," Paknejad told reporters on the sidelines of a Cabinet meeting.

However, some analysts expect a drop in Iranian production in the coming months amid ongoing sanctions risks. S&P Global Energy forecasts a decline in Iranian crude output from around 3.3 million b/d in the first half of 2025, to 3 million b/d in the second half of the year.

Further risks

The US sanctions come as a deadline for Iran to reach a diplomatic solution issued by the UK, France and Germany approaches. If Iran has not made progress by the end of August, this group, known as the E3, are prepared to trigger the "snapback mechanism," which would reimpose previous UN sanctions, they said in a joint foreign ministers' letter published Aug. 8.

Iranian news agency IRNA reported that Foreign Minister Abbas Araghchi discussed sanctions with his counterparts from Britain, France and Germany Aug. 22 during a joint telephone call.

According to state media, Araghchi warned the Europeans about the repercussions of triggering the snapback mechanism.

"The Islamic Republic will act powerfully in its defence. It has never left the path of diplomacy and is ready for any diplomatic solution that would secure Iranians' rights and interests," Araghchi said.

He added that any decision on extending the deadline and not employing the snapback mechanism is a decision for the UNSC.

"Iran will consult and exchange views with its friends in the Security Council [China and Russia] about the impacts of such a move," he said.

Iranian and EU deputy foreign ministers will resume talks Aug. 26, IRNA reported.

The first administration of Trump withdrew the US from the Joint Comprehensive Plan of Action in 2018, a nuclear deal between Iran and world powers, and reimposed sanctions.

Margaritis' shipping network, as specified by OFAC, includes 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.

Additional Iranian oil export facilitators named by OFAC in these latest sanctions are UAE-based Ozarka Shipping – FZCO; Marshall Islands-based Changbai Glory Shipping Limited, Changbai Glory Shipping Limited and Regal Liberty Limited; Hong Kong-based companies U Beacon Shipping Co. Limited and Hong Kong Hangshun Shipping Limited, and Ares Shipping Limited.

The rising number of sanctioned vessels takes more ships out of the compliant fleet and strains its supply. The Platts index for non-scrubber-fitted VLCCs was $34,419/d Aug. 21; it launched at the start of March at $31,699/d and has risen 117% since the end of July on the back of a tightening tonnage list and increased cargo inquiries. Platts is part of S&P Global Energy.