The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has announced the removal of sanctions on the Greek shipping company Altomare, just 62 days after the firm was added to the U.S. sanctions list, in a move that underscores the speed with which the case was reviewed and reversed.
Altomare, a Greece-based maritime company linked to shipowners Dimitris Bakos and Giannis Kaymenakis, had been designated by OFAC on November 20 over allegations that it was involved in the transportation of Iranian crude oil and liquefied petroleum gas. Alongside the company, OFAC also delisted the Panama-flagged oil tanker KALLISTA, which is managed by Altomare.
In its original designation, OFAC claimed that during January and February 2025 the tanker KALLISTA, owned by Altomare S.A., transported nearly four million barrels of Iranian crude oil in multiple shipments on behalf of Sepehr Energy Jahan, an entity subject to U.S. sanctions.
The company strongly disputed the allegations from the outset. In a statement issued immediately after the sanctions were announced, Altomare said it was taken by surprise by OFAC’s decision and expressed deep disappointment, insisting that the vessel in question was operating lawfully at the time cited by U.S. authorities. According to the company, the tanker was chartered by reputable counterparties and was located at the port of Basra in Iraq, loading cargo for delivery to the port of Paradip in India.
Altomare categorically denied having any connection to the activities described in the OFAC announcement and stressed that it had never engaged in conduct that would breach U.S. sanctions or raise compliance concerns. The company underlined that it consistently adheres to international regulations, including sanctions regimes imposed by the United States, the European Union and other international bodies.
Following its designation, Altomare said it moved swiftly, through its legal and compliance advisers, to challenge the listing, seek a full review of the case and protect its corporate reputation, while maintaining transparent cooperation with all relevant authorities.
The decision by OFAC to lift the sanctions little more than two months later suggests that the company’s explanations and documentation were accepted by U.S. authorities, effectively bringing the case to a close.
