U.S. Treasury Sanctions Greek-Panamanian Law Firm and Iran Shipping Agents

The U.S. Treasury on October 21 sanctioned Karnakis and Karnakis, a law firm based in Greece and Panama, accusing it of setting up companies that concealed the ownership of ships carrying Iranian petroleum, petrochemicals and steel. The measures cover four companies, five people and nine vessels, including shipping agents in Singapore and Dubai. Treasury said a company established by the firm had owned a tanker used to sell Iranian oil benefiting the IRGC-Qods Force and Houthis. Designated persons’ property under U.S. jurisdiction is blocked, and U.S. persons generally cannot transact with them unless authorized or exempt.