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.
The department alleges that Karnakis and Karnakis helped clients to register corporate entities that own shadow fleet vessels in Iranian trades, thereby enabling the transport of Iranian petrochemicals, petroleum, steel and other commodities. Examples allegedly include the sanctioned shipping companies Skyros Maritime and Trading SA, Corfu Maritime and Trading SA, and Elias Shipping and Trading Group SA. Elias is the owner of the Ramona 1, a sanctioned tanker linked to oil sales on behalf of Yemen's Houthi rebels and the Islamic Revolutionary Guard Corps.
“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.”
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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.
Also sanctioned were shipping agency Amigoz Singapore, accused of providing bunkering and services for shadow fleet entities; and Whales Shipping Line, based in the UAE, for alleged involvement with Iranian petrochemical trading.
