meta_id 3621300

On October 21, 2026, the U.S. Department of the Treasury (Treasury) announced sanctions against Panama- and Greece-based law firm Karnakis and Karnakis, as part of Operation Economic Outcast. Treasury also sanctioned Singapore- and UAE-based shipping agents, and a fleet of cargo vessels, for supporting Iranian shadow fleet operations. Treasury said the actions target the legal and maritime facilitators that sustain Iran's sanctions-evasion networks, which it said generate revenue for the Iranian regime's military, weapons, and nuclear programs. Treasury said Karnakis and Karnakis has, for years, registered shipping companies that own shadow fleet vessels carrying hundreds of millions of dollars' worth of Iranian steel, petroleum, and petrochemicals. The firm also acted as corporate agent for firms linked to Iranian liquefied petroleum gas magnate Seyed Asadoollah Emamjomeh. The designations are made under Executive Order (E.O.) 13902, which targets Iran's petroleum and petrochemical sectors. Treasury also identified seven vessels operated by Roxette Maritime Shipping and Trading S.A. as blocked property. Amigoz Singapore PTE. Ltd. and Whales Shipping Line LLC were designated for their roles as shipping agents for Iranian commodity transactions. Treasury said Operation Economic Outcast, announced August 24, 2026, is isolating the Iranian regime's economic lifelines by working with the European Union, the United Kingdom, Gulf partners, and others. Treasury warned that any entity facilitating money laundering or sanctions evasion for Iran risks being cut off from the U.S. financial system. U.S. persons and entities must block all property and interests in property of the designated persons and report them to the Office of Foreign Assets Control (OFAC). Entities owned 50 percent or more by blocked persons are also blocked. Non-U.S. persons face exposure to secondary sanctions, and foreign financial institutions risk losing correspondent account access. Effective date: Sanctions take effect on October 21, 2026. References: - U.S. Department of the Treasury, Press Release, "Operation Economic Outcast Targets Iran's Shadow Fleet Networks," October 21, 2026. - Executive Order 13902 (Iranian petroleum and petrochemical sectors).