The United States has imposed fresh sanctions on a law firm, shipping agents and nine vessels accused of helping Iran move oil and other commodities through international markets, widening its crackdown on Tehran’s shadow fleet.
Announced by the US Treasury Department on Wednesday under ‘Operation Economic Outcast’, the measures target the legal, corporate and logistical networks allegedly enabling Iran to evade sanctions and sustain its revenue streams amid the ongoing Middle East conflict.
At the centre of the action is Karnakis and Karnakis, a law firm operating in Panama and Greece. Treasury alleges the firm established shell companies to conceal the ownership of vessels transporting Iranian petroleum, petrochemicals and steel worth hundreds of millions of dollars.
The firm and five associated individuals were also sanctioned over alleged links to the shipping network of Iranian liquefied petroleum gas magnate Seyed Asadoollah Emamjomeh.
“The United States will continue to target the networks enabling Iran’s illicit trade,” Treasury Secretary Scott Bessent warned, adding: “If you are supporting the Iranian regime, we will find you and sanction you.”
The sanctions also target Roxette Maritime Shipping and Trading S.A., a Panama- and Greece-based company linked to the law firm.
Seven Panama-flagged cargo vessels managed by Roxette — ANEMOS, GLORIS, PRIDE, DESTINY, FLAMINGO 1, HARMONY and PRINCE — were designated as blocked property.
Treasury said three had transported Iranian-origin petrochemicals and steel products in the past year.
Singapore-based Amigoz Singapore PTE. Ltd. was sanctioned over alleged port services for an Iranian light crude shipment and links to vessels associated with the network of shipping magnate Mohammad Hossein Shamkhani.
Dubai-based Whales Shipping Line LLC was also targeted over its alleged role in facilitating Iranian commodity shipments.
Two UAE-flagged support vessels owned by Whales, WHALES DIAMOND and WHALES PEARL, were included in the sanctions.
Washington is also stepping up financial scrutiny. The Treasury’s Financial Crimes Enforcement Network said it was working with European partners, including Greek authorities, to investigate a Greek bank’s potential links to Iran and its proxies.
The agency has issued its first administrative subpoena under a provision of the Bank Secrecy Act as part of the probe.
The latest measures reflect a broader US strategy to disrupt Iran’s oil shipments and the international network of intermediaries, port operators and corporate service providers accused of keeping its shadow fleet afloat.
