US Bans Greek Shipping Magnate After Accusing Him Of Trafficking Iranian Oil

The U.S. has banned all Americans from transacting with a Greek businessman accused of illicitly trafficking Iranian oil, according to a State Department statement. (h/t WSJ's Keith Johnson)

Dr. Dimitris Cambis, President of Impire Shipping Limited, was said to have taken Iranian money via several front companies to purchase tankers transporting Iranian oil.

The exact punishment from State and Treasury reads as follows:

U.S. persons are generally prohibited from engaging in any transactions with Dimitris Cambis or the entities blocked pursuant to E.O. 13599, and any assets they may have under U.S. jurisdiction are blocked.

The scheme allegedly worked through "ship-to-ship transfers." For example, one front company, Libra Shipping, operated vessels Cambis and Impire purchased on behalf of the National Iranian Tanker Company with the aim of loading them with Iranian oil supplied by the National Iranian Oil Company.