US sanctions Greece and Panama-based law firm for aiding Iranian shipping

The US has imposed sanctions, as part of Operation Economic Outcast, on a law firm based in Greece and Panama, saying it had for years provided legal assistance to Iranian shipping networks.

The firm previously set up three shipping companies, among others, all of which OFAC has previously designated for their ownership of vessels active in the trade of Iranian petroleum and petroleum products, Treasury claimed in a release.

Treasury sanctioned the firm and five associated individuals, accusing them of helping obscure the true beneficial owners of these companies.

The latest designations include a Panama- and Greece-based shipping company for which the law firm serves as the corporate agent. Treasury identified the shipping company as the operator and ship manager of seven cargo vessels. Three of those vessels have allegedly shipped various cargos of Iranian-origin goods within the past year, including petrochemicals and steel products.

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