US Sanctions Law Firm, Shipping Agents Over Alleged Links to Iran’s Shadow Fleet

WASHINGTON, Oct 21: The United States has imposed sanctions on a law firm operating in Panama and Greece, shipping agents based in Singapore and the United Arab Emirates, and multiple cargo vessels over their alleged involvement in helping Iran evade US sanctions and transport oil, petrochemicals, steel and other commodities.

The measures were announced by the US Treasury Department on Wednesday under Operation Economic Outcast, Washington’s campaign to disrupt Iran’s remaining financial networks and revenue streams that it says support Tehran’s military, weapons and nuclear programmes. 

The sanctions target the Panama- and Greece-based law firm Karnakis and Karnakis, Singapore-based Amigoz Singapore PTE. Ltd., Dubai-based Whales Shipping Line LLC, and Panama-based Roxette Maritime Shipping and Trading S.A., which operates or manages seven Panama-flagged cargo vessels.

“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,” US Treasury Secretary Scott Bessent said in a statement.

“Iran’s facilitators must make a choice: Either you are with us or against us,” he added.

The Treasury Department accused Karnakis and Karnakis of establishing and registering shipping companies used to transport hundreds of millions of dollars’ worth of Iranian petroleum, petrochemicals and steel while obscuring the identities of the vessels’ beneficial owners.

According to the department, the law firm helped create corporate structures for shipping networks involved in Iranian commodity exports, including companies that owned vessels previously designated by US authorities for their alleged role in transporting Iranian petroleum products.

The department said the firm played a significant role in establishing corporate arrangements for shipping operations associated with Iranian liquefied petroleum gas and crude oil businessman Seyed Asadoollah Emamjomeh.

Washington also alleged that companies established through the firm were used to facilitate Iranian oil sales benefiting networks associated with Iran’s Islamic Revolutionary Guard Corps-Qods Force and Yemen’s Houthi movement. 

The US Treasury designated the law firm under Executive Order 13902, which targets key sectors of Iran’s economy, including petroleum and petrochemicals. Five individuals linked to the firm were also included in the sanctions announcement.

The US Treasury also sanctioned two shipping agents accused of providing services that helped Iranian commodities move through international ports.

Amigoz Singapore PTE. Ltd. was accused of acting as an agent for a shipment of light crude oil overseen by Sepehr Energy Jahan Nama Pars Company, which the Treasury described as part of a network of front companies supporting commodity allocations to Iranian military entities.

The department also alleged that Amigoz had provided bunkering services to a vessel associated with Iran’s shadow fleet.

Dubai-based Whales Shipping Line LLC was accused of acting as a shipping agent for Sparrow Trading FZE, a previously sanctioned company allegedly involved in arranging purchases of Iranian petrochemicals worth tens of millions of dollars.

The Treasury said Whales had also conducted business with Amigoz and designated the UAE-based company for materially assisting or providing services to the Singapore firm. 

The measures also targeted seven Panama-flagged cargo vessels operated or managed by Roxette Maritime Shipping and Trading S.A.

The vessels are:

According to the Treasury Department, the vessels had transported Iranian-origin goods, including petrochemicals and steel products. Roxette was accused of operating in Iran’s petrochemical sector through these shipping activities.

The sanctions identify the vessels as blocked property in which Roxette has an interest. The department also designated Roxette itself under Executive Order 13902. 

Separately, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is investigating a Greek bank’s potential connections to Iran and its proxies.

FinCEN issued an administrative subpoena under the Bank Secrecy Act as part of the investigation. The Treasury Department did not identify the bank publicly in its announcement.

The agency also issued requests for information to six other European banks concerning their relationships with Iranian financial institutions subject to US sanctions. 

The investigation is part of Washington’s broader effort to identify financial channels that may allow Iran-linked entities to move funds and maintain access to international banking services.

The Treasury Department said the latest measures form part of Operation Economic Outcast, launched in August 2026 to restrict Iran’s ability to generate revenue through oil exports, shipping networks and financial intermediaries.

Under the sanctions, property and interests in property belonging to designated entities that fall within US jurisdiction are blocked. Transactions involving the designated parties are generally prohibited unless authorised by the relevant US authorities.

The measures also increase the compliance risks for companies, financial institutions and other businesses that continue to deal with the sanctioned entities.

The allegations were made by the US government as the basis for its sanctions actions. The announcement does not, by itself, establish that the designated parties have been found guilty of criminal offences by a court.