By: Sean Miller
Two Greek shipping companies controlled by Kriton Lentoudis and Ioannis Perogiannakis have been named in connection with a sprawling Iranian oil smuggling network sanctioned by the United States Treasury.
In a statement released on 3 July, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on a group of individuals and companies allegedly involved in laundering Iranian oil, disguising it as Iraqi-origin crude to evade international sanctions. At the centre of the network is Kurdish Iraqi-British businessman Salim Ahmed Said, who, according to OFAC, covertly controls UAE-based VS Tankers FZE—formerly Al-Iraqia Shipping Services & Oil Trading FZE (AISSOT).
The Greek firms Evalend Shipping, owned by Lentoudis, and Petrochem General Management, led by Perogiannakis, are said to have maintained long-term commercial ties with Said’s companies, including AISSOT and VS Tankers. Both firms were reportedly involved in chartering vessels used to blend and transport Iranian oil under false documentation.
Longstanding Ties and Key Greek Shipping Vessels
Perogiannakis is understood to have worked as a shipbroker for AISSOT and Salim Said’s broader shipping operations, even using a corporate email address linked to AISSOT. His role included sourcing vessels later chartered to Said’s companies, among them Rhine Shipping DMCC, which is also under sanction.
Evalend Shipping, meanwhile, is known to have chartered several vessels to AISSOT and VS Tankers, including the DIJILAH (IMO 9829629), a Marshall Islands-flagged tanker now identified by OFAC as having carried out covert ship-to-ship oil transfers. The DIJILAH, which has been operated by VS Tankers since 2019, reportedly served as a floating storage unit for Iranian crude, allowing it to be blended and sold as Iraqi oil.
OFAC did not sanction the Greek companies directly but said their associations raise questions over due diligence, compliance, and reputational risk.
Sophisticated Smuggling Methods
The oil laundering network orchestrated by Said allegedly relied on bribing Iraqi officials—including members of parliament—to obtain false certificates that disguised Iranian oil as Iraqi. These certificates were used to facilitate the export of Iranian crude through Iraqi ports, notably Khor al-Zubayr.
VS Oil, another company controlled by Said and now sanctioned under Executive Order 13902, operates storage facilities at Khor al-Zubayr where the oil was reportedly mixed. Satellite imagery and vessel tracking data confirmed the presence of tankers tied to previously sanctioned Iranian entities—Triliance Petrochemical Co. Ltd. and Sahara Thunder—at these facilities.
Proceeds from the oil trade are believed to have partially funded Iran’s Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF), a U.S.-designated terrorist organisation.
Sanctioned Entities and Wider Network
Alongside VS Tankers and VS Oil, the U.S. has also sanctioned the following Said-linked companies:
VS Petroleum DMCC (formerly Ikon Petroleum)
Rhine Shipping DMCC
The Willett Hotel Limited (UK)
Robinbest Limited (UK)
Additionally, several tankers were designated, including those involved in STS transfers with already sanctioned vessels such as CASINOVA (IMO 9280366). OFAC noted that VS Tankers facilitated at least four STS transfers in April 2024 near the Iran-Iraq maritime boundary.
Wider Shipping Network Under Scrutiny
The sanctions also extended to international maritime players involved in what OFAC describes as Iran’s “shadow fleet”, including shipping companies in Singapore, Seychelles, the British Virgin Islands, and Panama. Vessels such as VIZURI, FOTIS, THEMIS, and BIANCA JOYSEL have allegedly moved millions of barrels of Iranian oil disguised through false documents or mixed cargoes.
These activities have reportedly helped generate hundreds of millions of dollars for the IRGC-QF and other sanctioned Iranian entities.
Legal and Compliance Implications
Although Evalend Shipping and Petrochem General Management have not been sanctioned, the US Treasury’s action signals increased pressure on global shipping operators involved in the Middle Eastern crude market. Financial institutions, insurers, and regulators are expected to tighten scrutiny on counterparties linked to high-risk entities.
OFAC warned that non-US entities may also be subject to secondary sanctions if found conducting significant transactions with sanctioned firms or individuals. The announcement forms part of the eighth round of actions under the U.S. government’s enhanced pressure campaign on Iran’s energy sector.
Legal analysts note that transactions dating back to 2020 may now be reviewed retrospectively for compliance breaches or documentation irregularities.
