US sanctions Panama- and Greece-based law firm over Iranian shipping and opens subpoena probe into a Greek bank
The US Treasury sanctioned law firm Karnakis and Karnakis, a ship operator, two shipping agents and nine vessels it says helped move Iranian oil, petrochemicals and steel. Its FinCEN unit issued its first administrative subpoena of this kind in an investigation into an unnamed Greek bank's potential ties to Iran.
The US Treasury on Wednesday 21 October sanctioned Karnakis and Karnakis, a law firm based in Panama and Greece, saying it had for years registered shipping companies that own “shadow fleet” vessels carrying Iranian steel, petroleum and petrochemicals. The action is part of “Operation Economic Outcast”, a sanctions campaign against Iran that Treasury Secretary Scott Bessent announced on 24 August.
“Iran’s facilitators must make a choice: Either you are with us or against us,” Bessent said in the Treasury statement. “We know who you are, we know what you’re doing, and we will continue to take action.”
Treasury also designated the firm’s two owners and three employees, Panama- and Greece-based ship operator Roxette Maritime Shipping and Trading, Singapore-based shipping agent Amigoz Singapore and Dubai-based Whales Shipping Line. It identified seven Panama-flagged cargo vessels managed by Roxette and two UAE-flagged support vessels owned by Whales as blocked property. Treasury said the firms had helped generate revenue for Iran’s military, weapons and nuclear programmes.
The Treasury’s Financial Crimes Enforcement Network (FinCEN) said it had used an administrative subpoena under the Bank Secrecy Act for the first time to advance an investigation into a Greek bank’s potential ties to Iran and its proxies, acting in coordination with partners in Greece. The statement did not name the bank. FinCEN also sent requests for information to six other European banks about their relationships with sanctioned Iranian financial institutions, Reuters reported.
Sources
- Operation Economic Outcast Targets Iran's Shadow Fleet Networks · US Department of the Treasury
- US imposes sanctions on Greek, Panama law firm for helping Iran shipping · Reuters (via Devdiscourse)
- Operation Economic Outcast Sanctions on Iran's Shadow Fleet Network · US Department of State
Related coverage
All world news →
EU proposes 117 new Russia sanctions listings, with refineries and oil export terminals a key focus
The EU's diplomatic service has proposed sanctions on 12 individuals and 105 entities, including 31 listings covering Russian oil refining and export capacity and 52 banks and financial institutions, according to draft documents seen by the Kyiv Independent.
Iran's Revolutionary Guards say seven vessels were hit in the Gulf and threaten US bases; Trump says Iran is 'making up fake hits'
The IRGC Navy said four ships transferring oil were struck and three hit mines near the Strait of Hormuz, without naming them, and warned that continued US escorts would extend the conflict to US bases. President Donald Trump accused Tehran of inventing the attacks.
Tether CEO disputes Senate Democrats' Iran report, says freezes cut Iran-linked stablecoin volumes 94%
Paolo Ardoino said Tether froze flagged addresses on average four weeks before official sanctions designations; a report by Senator Richard Blumenthal's staff said Tether had been slow to freeze Iran-linked wallets.
Araghchi says Hormuz stays closed until US accepts Iran's conditions; Bessent says Iran has 'no oil on the water'
Iran's foreign minister told Iraqi television that indirect talks with Washington continue through Pakistan and Qatar and that the US had accepted Tehran's conditions but wanted to add more. The US Treasury Secretary said no oil loadings had been seen at Iran's Kharg Island since August.
Trump says his Russia sanctions decision is meant to keep Moscow at the negotiating table
The President said signing "that document" now would drive Russia away from "the bargaining table". Treasury Secretary Scott Bessent said the measures were paused, not lifted; Ukraine's President said the waiver strengthens Russia.
Bessent says rising US inflation is an 'energy shock' and prices will fall after the Iran conflict
The US Treasury Secretary spoke on NBC's Meet the Press days after data showed consumer prices up 3.7% in the year to September.
