The United States Treasury Department on Wednesday, 22 October 2026 imposed sweeping sanctions on a Panama and Greece-based law firm, maritime businesses in Singapore and Dubai, and nine vessels, accusing them of helping Iran conceal ship ownership and move hundreds of millions of dollars' worth of oil, petrochemicals and steel in violation of existing US restrictions. The action extends Washington's financial crackdown beyond commodity traders to the professional services networks — lawyers, corporate agents and shipping operators — that critics say make Iran's sanctions evasion possible.

Key Targets in Wednesday's Designations

At the centre of the action is Karnakis and Karnakis, a law firm with offices in Panama and Greece, along with five individuals associated with it. Treasury alleged that the firm registered shipping companies whose vessels transported Iranian petroleum, petrochemicals and steel worth hundreds of millions of dollars. Employees reportedly served as company directors and officers to obscure the actual beneficial owners — a technique regulators describe as layered concealment.

Among the maritime businesses designated was Roxette Maritime Shipping and Trading S.A., which Treasury said operates and manages seven Panama-flagged cargo vessels. The vessels identified are Anemos, Gloris, Pride, Destiny, Flamingo 1, Harmony and Prince. Of these, Anemos, Gloris and Pride are alleged to have transported Iranian-origin goods — including petrochemicals and steel — within the past year.

Singapore and Dubai Networks in the Crosshairs

Singapore-based Amigoz Singapore PTE. Ltd. was sanctioned for allegedly providing services for Iranian oil shipments, including acting as agent for a crude shipment overseen by a company supporting commodity allocations to Iranian military entities. Treasury also designated Dubai-based Whales Shipping Line LLC, which it alleged acted as a shipping agent for a sanctioned business involved in purchasing Iranian petrochemicals and had conducted business with Amigoz. Two UAE-flagged support vessels — Whales Diamond and Whales Pearl — were identified as blocked property.

Greek Bank Under Investigation

In a notable parallel move, Treasury said its Financial Crimes Enforcement Network (FinCEN) had issued an administrative subpoena under the Bank Secrecy Act to investigate an unnamed Greek bank's potential ties to Iran and its proxies. Treasury was careful to describe the step as an investigation, stopping short of any finding of wrongdoing. FinCEN is reportedly coordinating with European partners, including Greek authorities, and has separately sought information on banks' relationships with Iranian financial institutions already under US sanctions.

What Bessent Said — and What the Sanctions Mean

Treasury Secretary Scott Bessent stated: '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.' The designations freeze any property within US jurisdiction belonging to the listed parties and generally bar US persons from transactions involving that property. Entities owned at least 50 per cent by blocked persons are also covered. Treasury warned that foreign financial institutions risk losing access to US correspondent banking if they deal with designated parties.

State Department spokesman Tommy Pigott separately urged governments, flag registries, port authorities and private businesses to identify warning signs of sanctions evasion and cut ties with those facilitating it.

Operation Economic Outcast: The Broader Campaign

Wednesday's action falls under Operation Economic Outcast, a coordinated initiative announced by Bessent on 24 August to disrupt the networks, intermediaries and financial channels Iran uses to export commodities and evade sanctions, working with partners in Europe, the Gulf and elsewhere. The designations were imposed under Executive Order 13902, which targets sectors of Iran's economy including petroleum and petrochemicals. Earlier rounds had already hit several shipping companies established by Karnakis and Karnakis, according to Treasury — Wednesday's action expanding the net to the professional enablers behind them.

The sweep signals a deliberate strategic shift: rather than chasing individual tankers, Washington is now targeting the legal and corporate infrastructure that makes Iran's shadow fleet viable in the first place.