The United States has recently imposed new sanctions against the Karnakis law firm and nine tankers linked to Iran. These sanctions are designed as part of an "economic ostracism" operation to increase economic pressure on the country by cutting off Iran's revenue sources.
Details of the Sanctions
The U.S. Department of the Treasury announced these sanctions on Wednesday. At the center of this action is the Karnakis law firm, which operates in Panama and Greece, and has been involved in creating shell companies that obscure the ownership of tankers carrying oil, petrochemicals, and steel from Iran, according to the Treasury Department.
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This law firm has assisted in the registration of maritime companies responsible for transporting hundreds of millions of dollars worth of Iranian goods. Additionally, the firm has played a key role in establishing a corporate network behind Seyyed Asadollah Imam Jom'e, one of Iran's major liquefied gas tycoons. This individual's maritime operations involve the transportation of hundreds of millions of dollars worth of Iranian crude oil and LPG.
Impact of the Sanctions on the Maritime Fleet
The new sanctions also include the maritime company Rokst Maritime and Trade S.A., for which Karnakis acts as a corporate representative. The U.S. Treasury Department has identified Rokst as the operator and manager of cargo ships flagged in Panama. These ships include Anemos, Gloris, Pride, Destiny, Flamingo 1, Harmony, and Prince. Over the past year, three vessels from this fleet have transported Iranian goods, including petrochemicals and steel products.
All of these ships have been identified under the sanctions as blocked property. Furthermore, two maritime companies in Singapore and Dubai have also been sanctioned for facilitating the transportation of Iranian goods. Amicos Singapore has provided port services for a shipment of Iranian light crude oil connected to an Iranian company.
According to the Treasury Department, these sanctions are part of a larger effort to target not only the ships carrying sanctioned cargoes but also the legal, corporate, and logistical services that allow shadow fleet operators to operate. U.S. Treasury Secretary Scott Basset warned that anyone supporting Iran's transportation operations will face consequences.
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