By Noureddine Omar | 2025-09-08

The US Treasury Department has unveiled sweeping sanctions against Greek shipbroker Antonios Margaritis, his network of companies and nearly a dozen vessels accused of moving Iranian oil in defiance of international restrictions.

Officials say the August 21 move is part of an intensifying campaign to cut off funding to Iran's weapons programs and proxy groups.

Margaritis, a veteran of the shipping industry, used his decades of experience to help Tehran disguise and transport petroleum across global markets, generating vital revenues for the Islamic Revolutionary Guard Corps (IRGC).

The IRGC has built a sprawling network involving dozens, if not hundreds, of companies worldwide, making it one of history's largest organized crime operations, IRGC expert Fathi al-Sayed told Al-Fassel.

Al-Sayed called the sanctions "vital and necessary" because they not only punish offenders but also deter new actors from joining.

Companies already caught up in the network, he added, may reconsider their involvement as penalties tighten.

Financial stranglehold

Military expert Yahya Mohammed Ali emphasized that cutting financial flows is the most effective way to weaken the IRGC.

"The war against the IRGC can only be won through financial pressure, such as sanctions on oil exports, since funding is the driving force behind all its operations at home and abroad," he said.

Ali explained that Iranian proxies, from Gaza to Lebanon and Yemen, rely heavily on steady cash infusions from Tehran.

While some proxies generate revenue locally, the cost of running operations has risen sharply due to emerging technologies like drones and medium- and long-range missiles, he noted.

Without IRGC funding, their capabilities are severely curtailed.

He warned that easing restrictions would risk undoing hard-won gains.

"Any leniency in unfreezing funds will undermine past efforts and lead to renewed instability," he said, adding that Iran also requires massive sums to repair its damaged nuclear infrastructure.

"In short, there is no room for complacency or backtracking when it comes to cutting off IRGC financing."

Wider designations

Margaritis's companies were among several actors targeted in the latest sanctions package.

These companies and vessels, according to the Treasury, have facilitated the transport of millions of barrels of Iranian oil -- much of it destined for China -- through deceptive transfers and re-flagging practices.

Treasury Secretary Scott Bessent said the sanctions reflect Washington's determination to hold accountable all those who enable Iran's illicit oil trade.

By constricting these flows, the United States aims to not only erode the Iranian regime's capacity to bankroll conflicts abroad but also reinforce regional stability.

The sanctions' real power lies in shrinking the space for Tehran's partners to operate and in warning others that profiting from the Iranian shadow fleet comes at a steep cost, the experts said.