The key facts
- US sanctions against a law firm in Panama and Greece, agents in Singapore and Dubai, and seven vessels
- Allegations of transporting Iranian oil, petrochemicals and steel worth hundreds of millions of dollars
- FinCEN is coordinating with European partners to review a Greek bank
New sanctions package under the Economic Outcast operation
The US Department of the Treasury on Wednesday announced sanctions against a law firm registered in Panama and Greece, shipping agents in Singapore and the United Arab Emirates, as well as several cargo vessels. According to the department, these entities helped Iran evade sanctions and transport oil, petrochemical products and other goods. The measures were taken under the Economic Outcast operation, which, according to the Treasury, targets networks generating revenue for Tehran's military, weapons and nuclear programs.
Who was sanctioned
The Treasury designated the law firm Karnakis and Karnakis, operating in Panama and Greece, accusing it of setting up shipping companies used to transport Iranian steel, oil and petrochemical products worth hundreds of millions of dollars. Also sanctioned were the Singapore-based Amigoz Singapore PTE. Ltd. and the Dubai-based Whales Shipping Line LLC, which, according to Washington, provided services for Iranian oil and petrochemical shipments. In addition, sanctions were applied to seven cargo vessels flying the Panamanian flag and managed by Roxette Maritime Shipping and Trading S.A.; according to the department, these vessels carried goods of Iranian origin, including petrochemicals and steel.
Treasury Secretary's statement and review of a Greek bank
Treasury Secretary Scott Bessent stated: 'Whether you are engaged in illegal ship-to-ship oil transfers or sitting in the corner office of a law firm — if you support the Iranian regime, we will find you and impose sanctions against you.' He added that Iran's intermediaries must make a choice: 'either you are with us, or against us.' Separately, the Treasury's Financial Crimes Enforcement Network (FinCEN) is coordinating with European partners an investigation into possible ties between a Greek bank and Iran and its proxies, including through an administrative subpoena under the Bank Secrecy Act.
Background on the operation and consequences of the sanctions
The Economic Outcast operation was launched in August and, according to the Treasury, aims to shut down Iran's remaining financial channels and raise risks for foreign companies involved in sanctions evasion. As a result of the sanctions, the assets of designated persons within US jurisdiction are blocked, and transactions with them are generally prohibited.
