Treasury sanctions law firm over alleged Iran shipping ties

The U.S. Treasury imposed sanctions on Panama- and Greece-based law firm Karnakis and Karnakis, accusing it of helping register companies and vessels used to transport Iranian oil, petrochemicals, steel and other goods through a shadow fleet. The sanctions also target shipping agents based in Singapore and the United Arab Emirates, along with associated vessels, for allegedly facilitating Iranian commodity shipments. Separately, the Treasury’s Financial Crimes Enforcement Network subpoenaed an unnamed Greek bank over possible ties to Iran and sought information from six other European banks about relationships with sanctioned Iranian financial institutions. Treasury Secretary Scott Bessent said the measures are intended to disrupt networks that help Iran evade sanctions.