Sanctions announced under Operation Economic Outcast
The Office of Foreign Assets Control (OFAC) unveiled a new round of designations on Monday, 24 August 2026, as part of the Treasury’s “Operation Economic Outcast” campaign. The move seeks to cut off revenue streams that sustain Iran’s petroleum sector.
Companies and individuals named
Ship & Bunker reported that OFAC listed Hong Kong‑based **Shipoil Limited**, its Dubai affiliate **Shipoil FZCO**, and the United Arab Emirates firm **Ship Fuels and Trade DMCC**. The three entities are described as being operated by Greek nationals Alberto “Al” Tsoris and Georgios “George” Tsoris, who were also designated.
Two additional UAE firms – **Unique Oasis Shipping Services LLC** and **Target Horizon Shipping LLC** – were added to the list for allegedly collaborating with Shipoil Limited and Ship Fuels and Trade DMCC to deliver “hundreds of thousands of dollars’ worth of bunkering services” to a vessel tied to Iran’s state‑run carrier, IRISL.
According to ship.energy, the sanctions also target the Tsoris brothers for their managerial roles across the three companies, reflecting the Treasury’s focus on individuals who facilitate prohibited fuel sales.
Alleged violations and legal basis
The designations accuse the five firms of providing marine fuel to ships carrying Iranian crude oil and to vessels linked to the National Iranian Tanker Company (NITC) since at least 2023. Both executive orders 13902 – which addresses entities operating in Iran’s petroleum sector – and 13382 – targeting individuals supporting the IRISL network – were invoked.
TradeWinds noted that OFAC characterises the sanctions as an administrative action, not a criminal prosecution or court finding. The Treasury Secretary, Scott Bessent, framed the step as “an economic onslaught against Iran’s financial connections around the world,” reiterating Washington’s intent to isolate Tehran until it complies with international mandates.
Practical impact for maritime operators
The immediate consequence for ship owners and charterers is a heightened duty of care in fuel procurement. Operators must screen bunkering contracts against OFAC’s list, avoid any transactions involving the sanctioned firms, and document compliance measures to demonstrate due diligence. Failure to do so could result in secondary sanctions, fines or denial of entry into US‑controlled ports.
Given the prevalence of third‑party fuel suppliers in global trade lanes, many companies are expected to revisit their bunker supply chains, favouring providers with clear, untainted ownership structures. The broader industry may also see an uptick in compliance audits and a shift toward alternative bunkering hubs that are not subject to US jurisdiction.
What this means for operators
Operators should immediately audit existing fuel contracts to confirm none involve Shipoil Limited, Shipoil FZCO, Ship Fuels and Trade DMCC, Unique Oasis Shipping Services or Target Horizon Shipping. Vessels transiting regions where Iranian crude is moved must be particularly vigilant, as OFAC’s designations cover “hundreds of thousands of dollars” in services rendered this year alone. Engaging reputable, non‑sanctioned bunkering agents and maintaining thorough records will be essential to avoid inadvertent breaches of US sanctions.