WASHINGTON — The Treasury Department on Wednesday sanctioned a law firm operating in Panama and Greece, two shipping agents and a cargo company, alleging they helped move Iranian goods through a network of vessels and front companies.
In its announcement, Treasury said Karnakis and Karnakis registered shipping companies that owned vessels carrying Iranian petroleum, petrochemicals and steel. The department also designated five people it identified as owners or employees of the firm.
The sanctions reach Roxette Maritime Shipping and Trading, which Treasury described as the operator of seven Panama-flagged cargo vessels. The department identified those ships as blocked property. It also designated Amigoz Singapore and Dubai-based Whales Shipping Line, accusing the agents of providing services connected to Iranian cargo shipments.
Treasury said its financial crimes bureau, FinCEN, issued a subpoena while investigating a Greek bank’s possible ties to Iran and its proxies. The bureau also requested information about other banks’ relationships with Iranian financial institutions already under U.S. sanctions.
The Office of Foreign Assets Control listed the new designations and issued licenses allowing limited time to wind down certain transactions involving Karnakis and Karnakis and other parties named Wednesday.
Under Treasury’s sanctions rules, property belonging to designated parties that is in the United States or controlled by U.S. persons is blocked. Transactions involving that property are generally barred unless licensed or exempt. Treasury’s allegations about the firms’ past conduct were not independently established by the sanctions announcement.
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