US Hits Law Firm, Ships in Iran Oil Evasion Crackdown
(MENAFN) The US Treasury Department on Wednesday imposed sanctions on a law firm based in Panama and Greece, shipping agents in Singapore and the United Arab Emirates, and a group of cargo vessels, accusing them of helping Iran dodge sanctions and move oil, petrochemicals and other goods.
The penalties fall under Washington’s Operation Economic Outcast and target networks that, according to the department, bring in 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.”
Law firm, shipping agents and vessels targeted
Treasury designated Karnakis and Karnakis, which operates in Panama and Greece, and accused it of setting up shipping companies that carried Iranian steel, petroleum and petrochemical products worth hundreds of millions of dollars.
Also sanctioned were Singapore-based Amigoz Singapore PTE. Ltd. and Dubai-based Whales Shipping Line LLC. Washington alleges both provided services that supported Iranian oil and petrochemical shipments.
Seven Panama-flagged cargo vessels operated or managed by Roxette Maritime Shipping and Trading S.A. were also hit. Treasury said the ships carried Iranian-origin goods, including petrochemicals and steel.
Greek bank under scrutiny
In a separate action, Treasury’s Financial Crimes Enforcement Network is working with European partners to examine a Greek bank’s possible ties to Iran and its proxies. The effort includes an administrative subpoena issued under the Bank Secrecy Act.
Operation Economic Outcast, launched in August, seeks to cut off Iran’s remaining financial channels and raise the risks for foreign entities that help it evade sanctions.
Under the sanctions, designated entities’ assets within US jurisdiction are blocked, and transactions involving them are generally prohibited.
The penalties fall under Washington’s Operation Economic Outcast and target networks that, according to the department, bring in 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.”
Law firm, shipping agents and vessels targeted
Treasury designated Karnakis and Karnakis, which operates in Panama and Greece, and accused it of setting up shipping companies that carried Iranian steel, petroleum and petrochemical products worth hundreds of millions of dollars.
Also sanctioned were Singapore-based Amigoz Singapore PTE. Ltd. and Dubai-based Whales Shipping Line LLC. Washington alleges both provided services that supported Iranian oil and petrochemical shipments.
Seven Panama-flagged cargo vessels operated or managed by Roxette Maritime Shipping and Trading S.A. were also hit. Treasury said the ships carried Iranian-origin goods, including petrochemicals and steel.
Greek bank under scrutiny
In a separate action, Treasury’s Financial Crimes Enforcement Network is working with European partners to examine a Greek bank’s possible ties to Iran and its proxies. The effort includes an administrative subpoena issued under the Bank Secrecy Act.
Operation Economic Outcast, launched in August, seeks to cut off Iran’s remaining financial channels and raise the risks for foreign entities that help it evade sanctions.
Under the sanctions, designated entities’ assets within US jurisdiction are blocked, and transactions involving them are generally prohibited.
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