US sanctions Karnakis & Karnakis over alleged support for Iranian shipping networks
The US Treasury sanctioned a law firm operating in Greece and Panama, while financial investigators sought information from seven European banks over possible Iranian connections.
Washington, United States. The US Treasury Department announced sanctions on Wednesday against Karnakis & Karnakis, alleging that the law firm, based in Greece and Panama, had supplied Iranian shipping networks with legal support for years.
Law firm and shipping agents targeted
Treasury also announced sanctions against shipping agents based in Singapore and the UAE, accusing them of directly supporting operations by Iran’s shadow fleet.
“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,” Treasury Secretary Scott Bessent said in a release.
A request for comment received no immediate response from Karnakis & Karnakis.
European banks face inquiries
According to a Treasury statement, the US Financial Crimes Enforcement Network, FINCEN, issued an administrative subpoena as part of its investigation into possible connections between an unnamed Greek bank and Iran.
The statement said FINCEN had separately requested information from six additional European banks concerning their relationships with Iranian financial institutions subject to US sanctions. Those six banks were also not identified.
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