US sanctions law firm and shipping agents over Iran’s shadow fleet

The US Treasury Department announced sanctions against Karnakis and Karnakis, a law firm based in Panama and Greece, for allegedly supporting Iran's shadow fleet. Shadow fleet refers to the network of ships, companies, and service providers that move Iranian oil and other goods while concealing ownership and origin, enabling circumvention of US sanctions.

The Treasury alleges that the firm established shell companies to obscure true vessel owners and that its employees served as directors and officers of these companies, thereby concealing ownership. One such company, Elias Shipping and Trading, owned the tanker Ramona 1 and acted as a front for Syria's Al-Qatirji Company, supporting networks that sold millions of barrels of Iranian oil.

The sanctions also target shipping agents in Asian countries that allegedly directly aid Iran's shadow fleet operations. In addition to sanctioning the law firm and shipping agents, the Treasury imposed penalties on five individuals associated with the firm, a ship management company operating seven Panama-flagged cargo vessels, and nine shipping vessels.

This list of individuals, companies, and vessels aims to pressure those facilitating Iran's illicit activities to either cooperate with the United States or face consequences.