Treasury sanctions law firm over alleged Iran shipping ties
16 sourcesUpdated Oct 21, 20261 min read
CONTESTED: none found. Rated outlets agree on the date, the named firm, the shipping agents, the five Panama individuals, and the nine vessels. On October 21, 2026, the U.S. Treasury sanctioned Panama- and Greece-based law firm Karnakis and Karnakis as part of Operation Economic Outcast, launched in August. The action also designated Singapore-based Amigoz Singapore, UAE-based Whales Shipping Line, Roxette Maritime Shipping and Trading, five individuals based in Panama, and nine vessels—seven Panama-flagged cargo ships or bulk carriers and two UAE-flagged crew and supply vessels. Under OFAC rules, assets of designated parties within U.S. jurisdiction are generally blocked. Treasury Secretary Scott Bessent said, "Whether you are conducting illegal oil transfers at sea or sitting in the corner office of a law firm, if you are supporting the Iranian regime, we will find you and sanction you." He added, "Iran's facilitators must make a choice: Either you are with us or against us. We know who you are, we know what you're doing, and we will continue to take action." FinCEN subpoenaed an unnamed Greek bank over possible Iran ties and sought information from six other European banks about relationships with sanctioned Iranian financial institutions. A prior round on October 15, 2026, targeted 16 individuals and 10 entities, including Iraq's International Development Bank for Investment and Finance.
Where do you stand?
How it spread
What each side asserts, disputes — or leaves out entirely.
Whose framing of this story rings truest to you?
Center· 0 sources
No center coverage yet — a bubble gap.
Sanctions like this on intermediaries might slow things down but Iran always finds new ways around them.
Subpoenaing the Greek bank and others shows how deep these Iran ties run through European finance.
It's good the Treasury is finally hitting these law firms and shippers that keep Iran's oil flowing despite the rules.
