US Sanctions Law Firm Karnakis & Karnakis Over Support for Iranian Shipping Fleet
Cubierto por 3 fuentesPublicado
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The US Treasury Department sanctioned the law firm Karnakis & Karnakis, based in Panama and Greece, accusing it of supporting Iran's illicit shipping trade and of acting as a corporate agent for a newly sanctioned ship manager operating seven bulk carriers.
Treasury's Allegations
According to the Treasury, the firm set up shipping companies used to transport hundreds of millions of dollars' worth of Iranian-origin steel, oil and petrochemical products. The action is part of the so-called Operation Economic Pariah, through which Washington seeks to dismantle networks generating revenue for Tehran's military, weapons and nuclear programs. Treasury Secretary Scott Bessent warned that those who support the Iranian regime, whether on the high seas or from a law firm's office, will be sanctioned, adding that Iran's facilitators must decide whether they stand with the United States or against it.
Other Sanctions
Alongside the Panama-Greek firm, Washington also sanctioned Amigoz Singapore PTE. Ltd., based in Singapore, and Whales Shipping Line LLC, based in Dubai, for providing support services to Iranian oil and petrochemical shipments. In addition, seven Panama-flagged cargo vessels operated or managed by Roxette Maritime Shipping and Trading S.A. were sanctioned, having been identified as carrying Iranian-origin goods, including petrochemical products and steel.
Link to an LPG Tycoon
According to Lloyd's List, the Treasury directly linked Karnakis & Karnakis to Iranian LPG tycoon Seyed Asadoollah Emamjomeh, whose shipping network had been exposed by an investigation by the outlet itself in 2023, which revealed the opaque corporate structures behind a fleet of gas carriers transporting Iranian LPG.
Ongoing Banking Investigation
The Treasury's Financial Crimes Enforcement Network (FinCEN) is coordinating with European partners on an investigation into possible links between a Greek bank and Iran and its allies, including an administrative subpoena issued under the Bank Secrecy Act. These actions add to Operation Economic Outcast, launched in August to dismantle Iran's remaining financial channels, under which the assets of designated entities within US jurisdiction are frozen and transactions involving them are, as a general rule, prohibited.
