US Treasury sanctions Greek-linked maritime network and seven cargo vessels over Iranian trade
The United States Department of the Treasury has imposed new sanctions on a network of maritime companies, legal service providers and shipping agents allegedly involved in facilitating Iranian commodity exports. The measures, announced on 21 October 2026, form part of Operation Economic Outcast, a broader US initiative targeting the financial and commercial networks supporting Iran’s petroleum and petrochemical sectors.
The latest designations include the Panama- and Greece-based law firm Karnakis and Karnakis, maritime operator Roxette Maritime Shipping and Trading S.A., and shipping agents operating in Singapore and the United Arab Emirates. Seven cargo vessels associated with Roxette have also been identified as blocked property, alongside two smaller support vessels owned by a Dubai-based shipping company.
According to the Treasury, the entities targeted in the latest action provided corporate structures, shipping services and logistical support that enabled Iranian commodities to reach international markets.
Greek-linked maritime companies face sanctions
A central focus of the announcement is Karnakis and Karnakis, a law firm operating in Panama and Greece. The Treasury alleges that the firm established corporate structures used to own vessels involved in transporting Iranian petroleum, petrochemicals, steel and other commodities.
US authorities identified several shipping companies previously established by the firm, including Skyros Maritime and Trading S.A., Corfu Maritime and Trading S.A., and Elias Shipping and Trading Group S.A. These companies had already been designated by the Office of Foreign Assets Control (OFAC) for their connections to vessels engaged in Iranian petroleum trade.
The Treasury also linked the law firm to corporate structures associated with Iranian LPG trader Seyed Asadoollah Emamjomeh. According to the US authorities, the wider shipping network was responsible for transporting substantial quantities of Iranian LPG and crude oil.
The new measures designate Karnakis and Karnakis and five associated individuals under Executive Order 13902. The individuals include the firm’s owners and other persons whom the Treasury identified as acting on its behalf.
Seven cargo vessels identified as blocked property
The sanctions also target Roxette Maritime Shipping and Trading S.A., a company operating in Panama and Greece for which Karnakis and Karnakis serves as corporate agent.
According to the Treasury, Roxette operates and manages the Panama-flagged cargo vessels ANEMOS, GLORIS and PRIDE, which transported Iranian-origin commodities, including petrochemicals and steel products, during the preceding year.
The company also manages and operates four additional Panama-flagged cargo vessels: DESTINY, FLAMINGO 1, HARMONY and PRINCE.
All seven vessels have been identified as blocked property in which Roxette has an interest. The company itself has been designated under Executive Order 13902 for operating in the petrochemical sector of the Iranian economy.
The action does not constitute a new finding that every vessel carried the same commodities or participated in identical activities. The Treasury’s announcement distinguishes between the documented shipments associated with the first three vessels and Roxette’s management of the remaining four.
Shipping agents in Singapore and Dubai targeted
The latest sanctions extend beyond vessel ownership and management to maritime agency services.
Singapore-based Amigoz Singapore PTE. Ltd. was designated following allegations that it provided shipping and port agency services connected to Iranian petroleum movements. According to the Treasury, the company acted as an agent for a shipment of light crude oil overseen by Sepehr Energy Jahan Nama Pars Company.
The Treasury also identified connections between Amigoz and other operators associated with Iran’s shadow fleet, including the provision of bunkering services to the vessel ZIXUAN.
Dubai-based Whales Shipping Line LLC was separately designated for providing support to Amigoz. US authorities also stated that Whales had acted as a shipping agent for Sparrow Trading FZE, a previously sanctioned company associated with Iranian petrochemical transactions.
Two UAE-flagged support vessels registered to Whales Shipping Line, WHALES DIAMOND and WHALES PEARL, were identified as blocked property.
Implications for international maritime operations
The designations impose restrictions on transactions involving the sanctioned entities and their blocked property within US jurisdiction.
Under OFAC regulations, property and interests in property belonging to designated persons that are located in the United States or controlled by US persons are generally blocked. Entities owned 50% or more, directly or indirectly and in aggregate, by blocked persons are also subject to blocking restrictions.
The Treasury further warned that foreign financial institutions facilitating certain significant transactions involving designated parties could face secondary sanctions exposure.
For the international maritime sector, the measures extend sanctions-related compliance considerations beyond vessel ownership to corporate service providers, ship managers, port agents and companies providing operational support.
The 21 October designations represent a further action under Operation Economic Outcast, which was announced in August 2026. They concern specific newly designated entities and identified vessels rather than the launch of an entirely new sanctions programme.
