US Treasury Secretary Scott Bessent looks on as he speaks to the media at the World Bank on the day of a meeting with Chinese Vice Premier He Lifeng, in Washington, D.C., US, September 23, 2026. REUTERS/Nathan Howard
The United States has imposed a new round of sanctions targeting a law firm, shipping agents and nine vessels accused of helping Iran move oil and other commodities through international markets, expanding Washington’s crackdown on the networks supporting Tehran’s shadow fleet.
The U.S. Treasury Department announced the measures Wednesday as part of Operation Economic Outcast, an ongoing campaign aimed at cutting off Iran’s remaining sources of revenue amid the continuing conflict in the Middle East.
At the center of the latest action is Karnakis and Karnakis, a law firm operating in Panama and Greece that Treasury says has spent years establishing shell companies used to conceal the ownership of vessels transporting Iranian petroleum, petrochemicals and steel.
According to Treasury, the firm helped register shipping companies responsible for moving hundreds of millions of dollars’ worth of Iranian commodities, including vessels connected to previously sanctioned entities.
The law firm also played a key role in establishing the corporate network behind Iranian liquefied petroleum gas magnate Seyed Asadoollah Emamjomeh, whose shipping operations have transported hundreds of millions of dollars’ worth of Iranian LPG and crude oil.
Treasury sanctioned the firm and five associated individuals, accusing them of helping obscure the true ownership of companies involved in Iranian commodity shipments.
The action represents a broader effort to target not just the vessels carrying sanctioned cargo, but also the legal, corporate and logistical services that allow shadow fleet operators to function.
Treasury Secretary Scott Bessent warned that those supporting Iranian shipping operations would face consequences, saying, “if you are supporting the Iranian regime, we will find you and sanction you.”
The latest designations also include Roxette Maritime Shipping and Trading S.A., a Panama- and Greece-based company for which Karnakis and Karnakis serves as corporate agent.
Treasury identified Roxette as the operator and ship manager of seven Panama-flagged cargo vessels: ANEMOS, GLORIS, PRIDE, DESTINY, FLAMINGO 1, HARMONY and PRINCE.
Three of those vessels — ANEMOS, GLORIS and PRIDE — carried Iranian-origin goods, including petrochemicals and steel products, within the past year, according to Treasury.
All seven vessels were identified as blocked property under the new sanctions.
The department also targeted two shipping agencies accused of facilitating Iranian cargo movements through international ports.
Singapore-based Amigoz Singapore PTE. Ltd. allegedly provided port services for an Iranian light crude shipment connected to Sepehr Energy Jahan Nama Pars Company, which Treasury says helps channel billions of dollars’ worth of commodities to Iranian military entities.
Amigoz was also linked to vessels associated with the shipping network of Mohammad Hossein Shamkhani and provided bunkering services to the previously sanctioned shadow fleet vessel ZIXUAN.
Meanwhile, Dubai-based Whales Shipping Line LLC was sanctioned for its involvement with Amigoz. Treasury said Whales had also acted as a shipping agent for a sanctioned trading company involved in purchasing tens of millions of dollars’ worth of Iranian petrochemicals.
Two UAE-flagged support vessels owned by Whales, WHALES DIAMOND and WHALES PEARL, were identified as blocked property.
The measures are the latest under Operation Economic Outcast, launched on August 24 as part of the Trump administration’s campaign to isolate Iran economically.
The effort has increasingly focused on the international network of ship managers, brokers, port agents, financial institutions and corporate service providers that support Iranian oil exports and sanctions evasion.
Wednesday’s announcement also included a financial enforcement component.
Treasury’s Financial Crimes Enforcement Network (FinCEN) said it was working with European partners, including authorities in Greece, to investigate a Greek bank’s potential connections to Iran and its proxies.
The agency said it had issued its first administrative subpoena under a provision of the Bank Secrecy Act as part of that investigation, along with additional requests for information concerning banks’ relationships with sanctioned Iranian financial institutions.
The latest sanctions come as Washington continues applying military and economic pressure on Iran, including efforts to restrict its maritime trade through the Strait of Hormuz.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
By Julian Lee (Bloomberg) — Oil shipments from the Middle East are showing little sign of buckling in the face of Iran’s more frequent and damaging attacks on merchant ships in the...
The cost of shipping crude oil from the Middle East Gulf to Asia has surged to more than $37 per barrel, over five times prewar levels, as an increasingly complex...
Two more tankers have been struck by unidentified projectiles in separate incidents near the Strait of Hormuz and in the northern Persian Gulf, adding to a growing series of attacks...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
