The United States has announced new sanctions aimed at a law firm, shipping agents, and nine vessels accused of helping Iran sell oil and other goods in international markets. This move is part of an ongoing effort by Washington to target the networks that support Iran's shadow fleet.
On Wednesday, the U.S. Treasury Department revealed these measures as part of Operation Economic Outcast, aimed at cutting off Iran's remaining revenue sources amidst ongoing tensions in the Middle East.
The focal point of these sanctions is Karnakis and Karnakis, a law firm located in Panama and Greece. The Treasury claims that the firm has been involved for years in creating shell companies to hide the ownership of vessels transporting Iranian oil, petrochemicals, and steel.
According to the Treasury, this firm played a role in registering shipping companies that moved hundreds of millions of dollars' worth of Iranian goods, including vessels linked to previously sanctioned entities.
Additionally, the law firm was significant in forming the corporate network for Iranian liquefied petroleum gas tycoon Seyed Asadoollah Emamjomeh, whose operations have transported hundreds of millions of dollars in Iranian LPG and crude oil.
The Treasury has sanctioned the firm and five related individuals for their role in hiding the true ownership of companies involved in shipping Iranian goods.
This action signifies a broader strategy to not only target vessels carrying sanctioned cargo but also the legal, corporate, and logistical support allowing shadow fleet operators to continue functioning.
Treasury Secretary Scott Bessent warned that anyone supporting Iranian shipping would face repercussions, stating, “If you support the Iranian regime, we will find you and sanction you.”
Seven Cargo Ships and Two Support Vessels Targeted
The latest sanctions also include Roxette Maritime Shipping and Trading S.A., a company based in Panama and Greece for which Karnakis and Karnakis serves as a corporate agent.
The Treasury identified Roxette as the operator and ship manager of seven cargo vessels registered under the Panama flag: ANEMOS, GLORIS, PRIDE, DESTINY, FLAMINGO 1, HARMONY, and PRINCE.
In the past year, three of these vessels — ANEMOS, GLORIS, and PRIDE — transported Iranian-origin goods such as petrochemicals and steel, according to the Treasury.
All seven vessels have been designated as blocked property under the new sanctions.
The Treasury has also targeted two shipping agencies involved in facilitating Iranian cargo movements through international ports.
Amigoz Singapore PTE. Ltd., based in Singapore, allegedly provided port services for an Iranian crude shipment linked to Sepehr Energy Jahan Nama Pars Company, which the Treasury claims helps funnel billions of dollars to Iranian military entities.
Amigoz was also associated with vessels connected to Mohammad Hossein Shamkhani's shipping network and provided services to the previously sanctioned shadow fleet vessel ZIXUAN.
Additionally, Dubai-based Whales Shipping Line LLC was sanctioned for its partnership with Amigoz, and for acting as a shipping agent for a sanctioned trading company involved in buying tens of millions of dollars' worth of Iranian petrochemicals.
Two support vessels owned by Whales, WHALES DIAMOND and WHALES PEARL, have also been identified as blocked property.
Pressure Expands Beyond the Ships
These measures continue under Operation Economic Outcast, which was initiated on August 24 as part of the Trump administration's efforts to economically isolate Iran.
This effort increasingly targets the international network of ship managers, brokers, port agents, financial institutions, and corporate service providers that facilitate Iranian oil exports and evade sanctions.
The announcement on Wednesday also included new financial enforcement actions.
The Treasury's Financial Crimes Enforcement Network (FinCEN) is collaborating with European partners, including Greek authorities, to investigate potential connections between a Greek bank and Iran and its proxies.
The agency stated that it issued its first administrative subpoena as part of this investigation, along with additional requests for information about banks' relationships with sanctioned Iranian financial institutions.
These latest sanctions are part of Washington's continued military and economic pressure on Iran, including efforts to restrict its maritime trade through the Strait of Hormuz.