US Sanctions Law Firm Over Alleged Iran Shipping Support

The U.S. Treasury Department announced sanctions on October 21 against Karnakis and Karnakis, a law firm based in Panama and Greece, and shipping entities it says helped Iranian shadow-fleet operations. Separately, the Treasury said a U.S. financial crimes unit is investigating an unnamed Greek bank over potential ties to Iran. The Office of Foreign Assets Control designated the law firm, shipping agencies and vessels. Treasury says the firm registered companies that owned ships used to transport Iranian petroleum, petrochemicals, steel and other goods. It alleges that employees served as directors of some of those companies, obscuring their owners. The claims describe the government’s basis for the sanctions; the reports do not independently establish the alleged conduct. The designations also cover Roxette Maritime Shipping and Trading, which Treasury says the law firm represented as a corporate agent, and seven Panama-flagged cargo ships managed by Roxette. Treasury said three of the ships had transported Iranian goods during the past year. The named vessels are Anemos, Destiny, Flamingo 1, Gloris, Harmony, Pride and Prince. The sanctions also target Amigoz Singapore and...