US Sanctions Entities and Individuals Linked to Iran's Shadow Fleet

The US Department of the Treasury, on Wednesday, October 21, 2026, as part of its “Economic Exclusion” operations, sanctioned a law firm based in Panama and Greece, several shipping companies, and five individuals for assisting in the transport and concealment of Iranian shipments.

The department also placed nine vessels on its blocked property list and announced the initiation of an investigation into the potential connection of a Greek bank to the Islamic Republic and its proxy groups.

According to the State Department statement, the law firm “Karnakis & Karnakis” assisted in transporting hundreds of millions of dollars’ worth of Iranian oil, petrochemical products, and steel by registering front companies and concealing the identities of the ships’ real owners. The firm was also accused of establishing a network of companies linked to Seyed Asadollah Imamjomeh, an Iranian liquefied petroleum gas merchant. Washington cited the firm’s long-standing cooperation with Iranian shipping lines as the reason for the sanctions.

The company “Roxet” and seven vessels under its management were also placed on the sanctions list. Two shipping services companies, “Amigos” in Singapore and “Wheels” in Dubai, along with two vessels owned by Wheels, were among the other targets of this action. The Treasury Department stated that these networks played a role in transporting Iranian cargoes and providing services to the shadow fleet.

US Treasury Secretary Scott Bessent warned that any individual or company assisting the Iranian regime, whether through ship-to-ship oil transfers at sea or by providing legal services, will be subject to sanctions.

Concurrently, the Financial Crimes Enforcement Network (FinCEN) issued a subpoena to advance an investigation into a Greek bank’s potential ties to Iran. The name of the bank was not disclosed in the Treasury Department statement.

FinCEN also requested information and explanations from six other European banks regarding their connections to the Iranian financial and banking system.

According to the US Treasury Department, all assets of the sanctioned individuals and entities that fall under US jurisdiction will be blocked, and transactions by US persons with them are prohibited unless authorized.