The Treasury Department has expanded sanctions against Iran’s international shipping networks, targeting companies, vessels and individuals accused of helping Tehran export petroleum and other commodities despite American restrictions.
By yourNEWS Media Newsroom
The United States announced another round of sanctions against Iran on Wednesday, Oct. 21, targeting a law firm operating in Panama and Greece, international shipping companies, five individuals and seven cargo vessels accused of facilitating Iranian exports and helping Tehran evade American economic restrictions.
The Treasury Department’s latest sanctions are part of Operation Economic Outcast, an initiative launched Aug. 24 by the Trump administration to restrict Iran’s access to international markets and revenue used to support its military, nuclear development and regional armed groups. <Cite ref=”turn560167search0″/>
The measures were imposed under Executive Order 13902, which authorizes sanctions targeting key sectors of Iran’s economy, including petroleum and petrochemicals.
Treasury Secretary Scott Bessent warned that the administration intends to pursue organizations providing commercial, financial or legal services to Iranian shipping networks.
“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,” Bessent said.
“Iran’s facilitators must make a choice: Either you are with us or against us. We know who you are, we know what you’re doing, and we will continue to take action.”
The sanctions designate Karnakis and Karnakis, a law firm operating in Panama and Greece that Treasury alleges helped establish companies used to conceal ownership of vessels transporting Iranian commodities.
According to federal officials, the firm registered shipping companies responsible for moving hundreds of millions of dollars in Iranian petroleum, petrochemicals, steel and other products.
Treasury said some of those companies operated as fronts for networks connected to Iran’s Islamic Revolutionary Guard Corps-Qods Force and the Houthis in Yemen.
State Department spokesman Tommy Pigott said the firm established companies used as “fronts for networks selling millions of barrels of Iranian oil to benefit the Islamic Revolutionary Guard Corps-Qods Force and the Houthis.”
The sanctions also cover five individuals associated with the law firm: Sofianos Karnakis Kosmas, Konstantinos Karnakis Kosmas, Pedro Ortega Jones, Roberto Ortega Jones and Ioanis Karnakis Kosmas.
Federal authorities allege that the individuals participated in establishing or managing corporate structures used to obscure the ownership and commercial activities of vessels carrying Iranian products.
Treasury also designated Roxette Maritime Shipping and Trading S.A., a shipping management company operating vessels registered under Panama’s flag.
Seven cargo ships associated with the company were identified as blocked property: Anemos, Destiny, Flamingo 1, Gloris, Harmony, Pride and Prince.
Treasury said Anemos, Gloris and Pride transported Iranian-origin products, including petrochemicals and steel, during the past year. The other four vessels were designated because of their association with the sanctioned operator.
Two additional shipping businesses were targeted: Singapore-based Amigoz Singapore PTE. Ltd. and Dubai-based Whales Shipping Line LLC.
Federal officials accused both companies of providing logistical and shipping services that supported the international movement of Iranian cargo.
The administration maintains that such networks allow Iran to continue earning revenue from commodity exports despite restrictions intended to limit funding for weapons programs and allied militant organizations.
Under the sanctions, property belonging to designated individuals and businesses within the United States or controlled by American persons must be blocked and reported to the Treasury Department’s Office of Foreign Assets Control.
Companies owned at least 50% by sanctioned parties are also subject to blocking restrictions, even if those businesses are not separately named.
American individuals and companies are generally prohibited from conducting transactions with designated parties unless authorized by OFAC. Foreign businesses that continue providing certain services may also face sanctions exposure.
The announcement follows several earlier enforcement actions under Operation Economic Outcast.
On Oct. 8, Treasury sanctioned additional vessels and companies associated with Iran’s remaining shadow fleet, including operators transporting crude oil, petroleum products and petrochemicals to markets in Asia. <Cite ref=”turn560167search1″/>
The department expanded those measures Oct. 15 by targeting financial institutions and shadow banking networks accused of helping Iran access foreign currencies and move export revenues through international accounts. <Cite ref=”turn560167search2″/>
The latest action extends that campaign beyond vessel owners and financial intermediaries to legal professionals and corporate service providers that establish companies used in international shipping.
Pigott urged foreign governments, maritime regulators and private businesses to scrutinize shipping activities involving Iranian goods.
“We call on governments, flag registries, port authorities, and the private sector to watch for the warning signs of shadow fleet activity and to stop doing business with anyone who helps Iran evade sanctions,” he said.
The economic restrictions coincide with continued U.S. military enforcement of a naval blockade affecting Iranian ports.
According to U.S. Central Command, American forces had redirected 138 commercial vessels as of Oct. 17 to enforce the blockade and monitor compliance with maritime restrictions.
The measures have further complicated diplomatic discussions between Washington and Tehran.
Iranian President Masoud Pezeshkian criticized the administration’s sanctions policy this week, arguing that negotiations cannot proceed meaningfully while economic pressure continues to increase.
“Threats and sanctions must be practically lifted in action, so that the ground for dialogue can be provided,” Pezeshkian wrote Wednesday on X.
“One cannot increase the intensity of sanctions and pressures every day, close the paths of interaction, and simultaneously speak of negotiation. Dialogue with the language of threats and pressure has no meaning.”
The Iranian government’s position follows repeated calls for sanctions relief as a condition for renewed diplomatic engagement.
The Trump administration, meanwhile, has maintained that continued economic pressure is necessary to compel Tehran to negotiate limits on its nuclear and military activities.
Treasury officials say Operation Economic Outcast will continue identifying companies, shipping operators and financial institutions involved in Iranian exports.
Wednesday’s designations add new restrictions on the international infrastructure supporting those shipments, while leaving unresolved the disagreement between Washington and Tehran over sanctions relief and future negotiations.
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