The United States is exposing those who help the Iranian regime evade sanctions and fund its destabilizing activities.
Under Operation Economic Outcast, the Treasury Department has sanctioned Karnakis and Karnakis, a law firm based in Panama and Greece. For years, the firm has set up shell companies to hide the true owners of vessels carrying Iranian oil, petrochemicals, and steel. The firm created companies that served as fronts for networks selling millions of barrels of Iranian oil to benefit the Islamic Revolutionary Guard Corps-Qods Force and the Houthis. Treasury also sanctioned Singapore- and UAE-based shipping agents that directly aid Iranian shadow fleet operations. These sanctions strike not only the legal and maritime facilitators that sustain Iran's sanctions-evasion networks, but also a fleet of cargo vessels that has helped generate substantial revenue for the Iranian regime.
Shipping agents play a critical role in shadow fleet operations by aiding the transit of illicit Iranian cargo through ports, including oil, petroleum, and other commodities. Treasury is taking action against two shipping agents that have helped Iran transport its products to buyers around the world.
The first is Amigoz, which is a Singapore-based shipping agency. It acted as the agent for a shipment of light crude oil overseen by Sepehr Energy Jahan Nama Pars Company, which oversees a network of front companies that supports the allocation of billions of dollars’ worth of commodities to Iranian military entities.
Whales is a Dubai-based maritime and logistics company, which acted as the shipping agent for Sparrow Trading FZE, a sanctioned Dubai-based front company that organized the purchase of tens of millions of dollars’ worth of Iranian petrochemicals in coordination with Persian Gulf Petrochemical Industry Commercial Co.
The United States will continue working with its partners around the world to isolate the Iranian regime economically. “We call on governments, flag registries, port authorities, and the private sector,” said State Department spokesperson Tommy Pigott in a statement, “to watch for the warning signs of shadow fleet activity and to stop doing business with anyone who helps Iran evade sanctions.”
These measures will deprive the Iranian regime of funds to target Americans and its allies by preventing it from using the shadow fleet to transport Iranian petroleum and petrochemicals and to evade U.S. sanctions.
“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. “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.”