US sanctions law firm, shipping agents for alleged Iranian shadow fleet links

The US Treasury Department announced sanctions Wednesday against a Panama-and Greece-based law firm, shipping agents in Singapore and the United Arab Emirates, and multiple cargo vessels for their alleged role in helping Iran evade sanctions and transport oil, petrochemicals and other commodities.

The measures, announced under Washington’s Operation Economic Outcast, target networks that the Treasury Department said generate revenue for Tehran’s military, weapons and nuclear programs.

“Whether you are conducting illegal oil transfers at sea or sitting in the corner office of a law firm, if you are supporting the Iranian regime, we will find you and sanction you,” Treasury Secretary Scott Bessent said in a statement. “Iran’s facilitators must make a choice: Either you are with us or against us.”

The Treasury Department designated Karnakis and Karnakis, a law firm operating in Panama and Greece, accusing it of establishing shipping companies used to transport hundreds of millions of dollars’ worth of Iranian steel, petroleum and petrochemical products.

Washington also sanctioned Singapore-based Amigoz Singapore PTE. Ltd. and Dubai-based Whales Shipping Line LLC, alleging that the companies provided services supporting Iranian oil and petrochemical shipments.

Seven Panama-flagged cargo vessels operated or managed by Roxette Maritime Shipping and Trading S.A. were also targeted. The vessels had transported Iranian-origin goods, including petrochemicals and steel, according to the Treasury Department.

Separately, the Treasury Department’s Financial Crimes Enforcement Network is coordinating with European partners to investigate a Greek bank’s potential links to Iran and its proxies, including through an administrative subpoena issued under the Bank Secrecy Act.

Operation Economic Outcast, launched in August, aims to disrupt Iran’s remaining financial channels and increase the risks for foreign entities involved in sanctions evasion.

Under the measures, assets belonging to designated entities within US jurisdiction are blocked, while transactions involving them are generally prohibited.

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