The US Treasury Department imposed sanctions on October 21, 2026, on companies and individuals linked to the transport of Iranian goods under Operation Economic Outcast. The department said they helped conceal vessel owners, evade sanctions and ship Iranian oil, petrochemicals, steel and other goods.
The targets include law firm Karnakis and Karnakis, which operates in Panama and Greece, Singapore-based Amigoz Singapore PTE. Ltd., Whales Shipping Line LLC and shipping operator Roxette Maritime Shipping and Trading S.A. Seven vessels managed by Roxette — ANEMOS, GLORIS, PRIDE, DESTINY, FLAMINGO 1, HARMONY and PRINCE — were designated as blocked property.
According to the Treasury Department, Karnakis and Karnakis registered shipping companies for shadow fleet owners for years and helped conceal their ultimate owners. The firm also took part in setting up the corporate structure of the shipping business of Iranian liquefied petroleum gas magnate Seyed Asadollah Emamjomeh.
The sanctions also target the firm’s owners, Sophianos Karnakis Kosmas and Konstantinos Karnakis Kosmas, as well as employees Pedro Ortega Jones, Roberto Ortega Jones and Ioannis Karnakis Kosmas. The department said the employees served as directors and officers of registered companies while concealing their ultimate owners.
The Treasury Department said the first three Roxette vessels had carried Iranian-origin goods, including petrochemicals and steel, over the past year. Amigoz Singapore acted as an agent for a shipment of Iranian light oil and provided bunkering services to the shadow fleet vessel ZIXUAN. Dubai-based Whales Shipping Line acted as an agent for Sparrow Trading FZE, which the department describes as a front company that purchased Iranian petrochemicals. Whales-owned vessels WHALES DIAMOND and WHALES PEARL were also blocked.
Property belonging to the designated individuals and companies that is in the United States or controlled by US persons is blocked and must be reported to OFAC. The restrictions also cover entities owned, directly or indirectly, 50% or more by one or more sanctioned persons. US persons and transactions in the United States involving blocked property are generally prohibited unless OFAC issues a licence.
US Treasury Secretary Scott Bessent announced Operation Economic Outcast on August 24, 2026. The department said the operation aims to disrupt Iran’s remaining economic channels and expand sanctions risks for foreign individuals and companies doing business with the Iranian regime. FinCEN is also investigating possible links between a Greek bank and Iran and its allies.
