Home.Treasury US Sanctions Target Iranian Shadow Fleet and Facilitators
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- •US Treasury sanctions law firm and shipping agents aiding Iranian oil transport.
- •Operation Economic Outcast aims to disrupt Iran's sanctions evasion networks.
- •FinCEN is investigating a Greek bank's ties to Iran amid these sanctions.
On October 21, 2026, the US Treasury Department sanctioned the law firm Karnakis and Karnakis, along with shipping agents in Singapore and the UAE, as part of Operation Economic Outcast. This operation aims to disrupt Iran's shadow fleet, which is used to evade sanctions and transport oil and petrochemicals. The sanctions also include multiple cargo vessels linked to these operations. Treasury Secretary Scott Bessent emphasized that any entity supporting the Iranian regime will face consequences. The sanctions are designed to sever financial channels that fund Iran's military and nuclear programs. The Financial Crimes Enforcement Network (FinCEN) is investigating potential ties between a Greek bank and Iranian financial institutions. The measures block assets within US jurisdiction and prohibit transactions with designated entities.
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