Story perspectives

Treasury Sanctions Iranian Shadow Fleet Firms, Law Firm

By Drooid · Oct 24, 2026, 2:08 AM UTC · How we work

Left

Smartphone Prices Soar

The U.S. Treasury announced sanctions on Iranian railway firms, automakers, suppliers, and the law firm Karnakis & Karnakis.
The sanctions worsen Iranian consumers’ ability to afford smartphones, as prices soar due to high fees and import restrictions.
Phones reach Iran through passengers from Oman and overland shipments from Sulaimaniyah, Iraq.
A married worker’s minimum monthly wage and subsidies total about $83, leaving many unable to buy new smartphones.

Right

Treasury Threatens Firms

The U.S. Treasury announced sanctions on Iranian railway firms, automakers and the law firm Karnakis & Karnakis for aiding Iran’s shadow fleet.
Treasury Secretary Scott Bessent warned the listed firms they must support the United States or face punitive action.
The Treasury said Karnakis & Karnakis built structures concealing ownership of Iran’s shadow fleet vessels.
FinCEN issued a Bank Secrecy Act subpoena to a Greek bank investigating Iranian financial links.

History

Historical Context

The 2012 Iran Sanctions Act, enacted by the United States, crippled Iran’s maritime logistics by targeting its shipping fleet and oil exports. The Treasury’s Office of Foreign Assets Control froze over $2.5 billion in Iranian assets, and the European Union imposed 30 percent tariff hikes on related goods. Today, Treasury Secretary Scott Bessent’s sanctions on Karnakis & Karnakis, Iranian railway firms, and a Greek bank echo the 2012 crackdown on Iran’s shadow fleet. The pattern suggests sustained financial isolation, pressuring Iran’s economy and compelling firms to seek covert routes through Oman and Iraq’s Sulaimaniyah.

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Smartphone Prices Soar

The U.S. Treasury announced sanctions on Iranian railway firms, automakers, suppliers, and the law firm Karnakis & Karnakis.
The sanctions worsen Iranian consumers’ ability to afford smartphones, as prices soar due to high fees and import restrictions.
Phones reach Iran through passengers from Oman and overland shipments from Sulaimaniyah, Iraq.
A married worker’s minimum monthly wage and subsidies total about $83, leaving many unable to buy new smartphones.

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