OMM Newsroom
The US Treasury Department announced sanctions on Wednesday against a law firm based in Panama and Greece, shipping agents in Singapore and the United Arab Emirates, and several cargo vessels over their alleged role in helping Iran evade sanctions and transport oil, petrochemicals and other commodities, Anadolu Agency reported.
The measures, issued under Washington’s Operation Economic Outcast, target networks that the Treasury Department said generate revenue for Tehran’s military, weapons and nuclear programmes.
“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.”
The Treasury Department designated “Karnakis and Karnakis”, a law firm operating in Panama and Greece, accusing it of setting up shipping companies used to transport hundreds of millions of dollars’ worth of Iranian steel, petroleum and petrochemical products.
Washington also sanctioned Singapore-based “Amigoz Singapore PTE. Ltd.” and Dubai-based “Whales Shipping Line LLC”, alleging that they provided services supporting Iranian oil and petrochemical shipments.
Seven Panama-flagged cargo vessels operated or managed by “Roxette Maritime Shipping and Trading S.A.” were also targeted. The Treasury Department said the vessels had transported goods of Iranian origin, including petrochemicals and steel.
Separately, the Treasury Department’s Financial Crimes Enforcement Network is coordinating with European partners to investigate possible links between a Greek bank and Iran and its proxies. The investigation includes an administrative subpoena issued under the Bank Secrecy Act.
Launched in August, Operation Economic Outcast aims to disrupt Iran’s remaining financial channels and raise the risks for foreign entities involved in sanctions evasion.
Under the measures, assets belonging to designated entities within US jurisdiction are blocked, while transactions involving them are generally prohibited.
