US Sanctions Law Firms and Shipping Agents Aiding Iran

The U.S. Department of the Treasury sanctioned a network of law firms, shipping companies, and agents on Wednesday for facilitating Iran's illicit trade and evading U.S. sanctions. The actions target the law firm Karnakis and Karnakis, based in Panama and Greece, which the Treasury alleges built the corporate architecture for Iranian LPG magnate Seyed Asadoollah Emamjomeh and registered shell companies to transport Iranian steel and petroleum for the Islamic Revolutionary Guard Corps-Quds Force and the Houthi group.

These designations are part of Operation Economic Outcast, a campaign launched in August by Treasury Secretary Scott Bessent to sever Iranian financial channels. Other sanctioned entities include Singapore-based Amigoz Singapore PTE. Ltd., Dubai-based Whales Shipping Line LLC, and Roxette Maritime Shipping and Trading S.A., along with five individuals and two vessels. Amigoz Singapore PTE. Ltd. specifically provided bunkering services and oversaw crude oil shipments for the Iranian shadow fleet.

Simultaneously, the Financial Crimes Enforcement Network issued its first administrative subpoena under the Bank Secrecy Act to an unnamed Greek bank to investigate potential ties to Iranian financial institutions. The agency also sent requests for information to six other European banks regarding similar connections.