Sunita Somvanshi
The United States has imposed a fresh round of sanctions targeting Iran’s oil networks, hitting 13 entities and eight vessels involved in transporting Iranian petroleum. The Treasury Department’s action focuses on Greek shipping magnate Antonios Margaritis and his network of companies accused of helping Tehran evade restrictions.
Treasury Secretary Scott Bessent said the sanctions aim to “degrade Tehran’s ability to fund its advanced weapons programs” and promised continued accountability for those involved in Iran’s oil trade.
The sanctions targeted companies in Hong Kong, China, the United Arab Emirates, and the Marshall Islands. Among those hit were Ares Shipping Limited in Hong Kong, Comford Management in the Marshall Islands, and Hong Kong Hangshun Shipping Limited. Several oil tankers were also sanctioned, including the Panama-flagged vessels Adeline G and Kongm, and the LAFIT (Liberian‑flagged).
In a separate but related move, the State Department sanctioned two Chinese terminal operators for handling Iranian oil shipments. These terminals – Qingdao Port Haiye Dongjiakou Oil Products Co. in Shandong province and Yangshan Shengang International Petroleum Storage in Zhejiang province – have handled massive volumes of Iranian oil.
The Dongjiakou terminal alone has imported at least 65 million barrels of Iranian oil since December 2024, while Yangshan Shengang has received more than 4 million barrels across six shipments. On March 24, 2025, Yangshan Shengang received a sanctioned vessel called TURACO, which discharged over half a million barrels of Iranian crude.
The UK joined the US effort, announcing parallel sanctions against Iranian oil magnate Hossein Shamkhani – son of a senior adviser to Supreme Leader Ayatollah Ali Khamenei – and four companies in the shipping, petrochemical, and financial sectors.
UK Minister for the Middle East Hamish Falconer explained the sanctions target networks that enable Iran “to carry out its destabilizing activities, including supporting proxies and partners across the region and facilitating state threats on UK soil.”
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The Iranian embassy in London quickly condemned the UK measures as “unilateral and illegal” based on “baseless allegations.” When contacted by Reuters, a representative from Qingdao Port Haiye said they were not aware of the sanctions, while Yangshan Shengang did not respond to requests for comment.
These measures represent the fourth round of sanctions targeting Chinese terminal operators, which play a crucial role in Iran’s oil export chain. China remains Iran’s top oil buyer, with the Changbai Glory Shipping company’s vessel LAFIT alone transporting more than 4 million barrels of Iranian oil to China since March 2025.
The sanctions come as Iran has suspended nuclear talks with Washington following US and Israeli strikes on its nuclear sites in June. Iran’s top diplomat recently stated that the “moment for effective talks” with the US has not yet arrived, though some level of cooperation with UN nuclear inspectors will continue.
Under the sanctions, all property and interests belonging to the designated entities that are in the US or controlled by US persons are blocked. The measures also prohibit Americans from engaging in transactions with these sanctioned parties.
The coordinated US-UK action reflects growing Western concerns about Iran’s overseas activities, including its support for proxy groups across the Middle East and its nuclear program, which Tehran maintains is peaceful.
