US sanctions hit lawyers and agents behind Iran’s $1bn shadow fleet
Washington blacklists Greek-Panamanian law firm, Singapore and Dubai agents, and nine vessels in latest crackdown.
The United States has expanded its sanctions against Iran’s shadow fleet, targeting legal and logistical facilitators that enable Tehran’s commodity exports. The latest measures, announced by the US Treasury, include a Greek-Panamanian law firm, shipping agents in Singapore and Dubai, and nine vessels accused of transporting Iranian oil, liquefied petroleum gas (LPG), petrochemicals, and steel.
The law firm Karnakis and Karnakis, operating in Panama and Greece, was sanctioned for creating corporate structures that concealed the ownership of vessels involved in transporting hundreds of millions of dollars’ worth of Iranian commodities. The Treasury also designated five individuals linked to the firm, accusing them of facilitating transactions that bypass international restrictions.
Legal and logistical networks targeted: iran shadow fleet
Among the entities blacklisted is Roxette Maritime Shipping and Trading S.A., a Panama- and Greece-based company managing seven bulk carriers and general cargo ships under the Panamanian flag. Three of these vessels, Anemos, Gloris, and Pride, were identified as having transported Iranian-origin cargoes in the past year. The remaining four, Destiny, Flamingo 1, Harmony, and Prince, were also sanctioned, effectively barring them from US financial systems and ports.
The Treasury also targeted Amigoz Singapore, a company accused of acting as a port agent for a shipment of Iranian light crude and providing fueling services to the shadow fleet tanker Zixuan. The agency linked Amigoz to networks tied to Iranian shipping figure Mohammad Hossein Shamkhani, a key player in Tehran’s maritime trade.
In Dubai, Whales Shipping Line was sanctioned for supporting Amigoz and serving as a shipping agent for a company involved in arranging Iranian petrochemical purchases. Its two UAE-flagged support vessels, Whales Diamond and Whales Pearl, were also blacklisted.
Shipping agents and support vessels sanctioned
These actions are part of Operation Economic Outcast, launched in August to disrupt Iran’s access to international financial and shipping services. US Treasury Secretary Scott Bessent emphasized the administration’s commitment to targeting those enabling Tehran’s trade, stating that facilitators would face consequences regardless of their role.
The crackdown extends beyond vessels and owners, focusing on the broader network of lawyers, agents, and financiers that sustain Iran’s shadow fleet. Authorities are also investigating an unnamed Greek bank for potential ties to Iranian transactions, signaling a widening scope in the US campaign to isolate Tehran’s revenue streams.
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