OFAC Targets Iranian Oil Network And Shadow Fleet In Sweeping Sanctions Action

Overview

On August 21, 2025, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") announcedfurther sanctions action targeting a global network facilitating Iranian oil exports. The action was taken pursuant to Executive Order ("E.O.") 13902, and designates Greek national Antonios Margaritis ("Margaritis"), his affiliated companies, and nearly a dozen vessels for their role in allegedly transporting Iranian petroleum products in violation of U.S. sanctions programs on Iran.

Similar to previous sanctions actions against Iran, the latest designations are taken pursuant to Executive Order 13902 and in furtherance of National Security Presidential Memorandum 2, which directs a campaign of maximum economic pressure on Iran. We previously reported on sanctions action against Iran in our August 13 post, which detailed ongoing efforts by OFAC to dismantle Iran's financial and surveillance architecture as a part of this maximum pressure