U.S. Treasury Sanctions Shipping Law Firm for Alleged Shadow Fleet Services

On Wednesday, the U.S. Treasury announced new sanctions on a Panama-based law firm and five of its staff for allegedly helping Iranian shipping interests. The action is intended to send a message to maritime service providers and further tighten the American net around Iranian international commerce.

According to the Treasury, Karnakis and Karnakis was particularly active in its work on behalf of the Seyed Asadoollah Emamjomeh shipping network, which specialized in Iranian LPG exports. Emamjomeh's network was sanctioned last year; Treasury is effectively working its way upstream to target people who provided it with professional services.

“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,” said Secretary of the Treasury Scott Bessent in a statement. “We know who you are, we know what you’re doing, and we will continue to take action.”

Treasury also personally sanctioned the law firm's founders, along with three employees who had allegedly served as listed directors and officers of the holding companies that Karnakis and Karnakis created.

This story was originally published by The Maritime Executive. Read the full story at The Maritime Executive →