On 21 October, the US Department of the Treasury imposed sanctions on a law firm operating in Panama and Greece, a ship management company, ship agents and five individuals. They are accused of transporting Iranian goods and helping to conceal the true owners of the vessels.
The restrictions, imposed as part of ‘Operation Economic Outcast’, targeted the law firm Karnakis & Karnakis. According to the US Treasury Department, the firm set up front companies to conceal the owners of vessels transporting hundreds of millions of dollars’ worth of Iranian oil, petrochemical products and steel.
Sanctions were also imposed on five individuals linked to the firm and on Roxette Maritime Shipping and Trading, a company operating seven cargo ships flying the Panamanian flag. These vessels are now considered blocked assets in the US.
Two shipping agents have also been subject to the restrictions: the Singapore-based company Amigoz Singapore and the Dubai-based Whales Shipping Line. According to the Treasury Department, Amigoz helped organise the transport of Iranian oil, whilst Whales acted as an agent for a company purchasing Iranian petrochemical products. Sanctions have also been imposed on two vessels owned by Whales.
“It doesn’t matter whether you’re involved in the illegal transhipment of oil at sea or working in the office of a law firm’s managing partner: if you support the Iranian regime, we will find you and impose sanctions against you,” said US Treasury Secretary Scott Bessent.