Story perspectives

Treasury Sanctions Law Firm for Aiding Iran Shipping

By Drooid · Oct 22, 2026, 4:09 PM UTC · How we work

Summary

Story summary

The U.S. Treasury Department sanctioned Greece-Panama law firm Karnakis & Karnakis for aiding Iranian shipping networks.
The Treasury also sanctioned Singapore and UAE shipping agents that directly support Iran’s shadow fleet.
FINCEN subpoenaed an unnamed Greek bank and requested information from six European banks about possible Iran ties.
Treasury Secretary Scott Bessent said anyone supporting the Iranian regime will be found and sanctioned under Operation Economic Outcast.

History

Historical Context

The Iran and Libya Sanctions Act, signed on 5 August 1996, barred foreign firms that invested more than $20 million in Iran’s oil sector and was renamed the Iran Sanctions Act in 2006, with extensions through 2031. Using that framework, Treasury Secretary Scott Bessent’s 2026 Operation Economic Outcast sanctioned Singapore’s Karnakis & Karnakis, UAE firms and European banks to isolate Iran’s shadow-fleet.

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Story summary

The U.S. Treasury Department sanctioned Greece-Panama law firm Karnakis & Karnakis for aiding Iranian shipping networks.
The Treasury also sanctioned Singapore and UAE shipping agents that directly support Iran’s shadow fleet.
FINCEN subpoenaed an unnamed Greek bank and requested information from six European banks about possible Iran ties.
Treasury Secretary Scott Bessent said anyone supporting the Iranian regime will be found and sanctioned under Operation Economic Outcast.

1 / 2