• 3 minutes Marine based energy generation
  • 5 minutes "Saudi Armada heading to U.S.", "Dumping" is a WTO VIOLATION.
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Which producers will shut in first?
  • 57 mins A small trial finds that hydroxychloroquine is not effective for treating coronavirus
  • 7 hours Corona Price Tag
  • 4 mins Saudis to cut 4mm bbls. What a joke.
  • 2 hours Chinese Communist Party
  • 2 hours Trump will be holding back funds that were going to W.H.O. Good move
  • 3 hours Sharp real pure true hard working roughneck needing work..
  • 8 hours Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 3 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 4 hours Death Match: Climate Change vs. Coronavirus
  • 4 hours Get First Access To The Oilprice App!
  • 5 hours Bernie Sanders introduces bill to ban fracking
  • 8 hours Charts of COVID-19 Fatality Rate by Age and Sex

US Treasury Goes After a Greek Businessman Who Helped Iran Avoid Sanctions

US Treasury Goes After a Greek Businessman Who Helped Iran Avoid Sanctions

The US Treasury Department has come down hard on a Greek businessman who they claim has been helping Iran to evade sanctions and export its oil by buying a fleet of oil tankers and then disguising the Iranian oil cargoes that they carried.

Dimitris Cambis, the president of Impire Shipping Ltd. used his company, as well as a few others, to purchase eight tankers capable of carrying $200 million worth of oil. Impire and a management company called Libra Shipping then bought shiploads of Iranian oil, transferred the oil from Iranian tankers to his own ships directly, and then sold the product on the global market, taking the time to conceal the origin of the oil.

David Cohen, the Under Secretary for Terrorism and Financial Intelligence said that, “today we are lifting the veil on an intricate Iranian scheme that was designed to evade international oil sanctions. We will continue to expose deceptive Iranian practices, and to sanction those individuals and entities who participate in these schemes.”

Related article: New Breach in the Sanction Wall?

The Treasury Department claims that in December 2012 Impire and the National Iranian Tanker Company (NITC) completed one such transfer just off the coast of Khor Fakkan in the UAE. So far the US Treasury has impounded 58 vessels for similar such transactions.

Cambis spoke to Bloomberg from his office in Athens, stating that “these are very bad rumors created by our competitors because we are trying to take market share and they don’t like it.”

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News