US Treasury targets Iran's shadow fleet with sweeping new sanctions
US Treasury Department sanctions multiple firms involved in supporting Iran's shadow fleet network
The US Treasury Department on Wednesday announced a raft of sanctions against firms involved in supporting Iran's shadow fleet network, which it uses to circumvent existing sanctions.
The major sanctions are focused on Panamanian-Greek law firm Karnakis and Karnakis, which the Department accuses of supporting "illicit Iranian shipping activity for years, indirectly aiding Tehran’s ability to generate revenue to fund its military, weapons, and nuclear programs."
In particular, the sanctions list several phony Greek shipping companies that are used to disguise Iranian assets.
The sanctions also targeted several members of the Karnakis-Kosmas and Ortega-Jones families, who are listed as employees and directors of the firm.
A Syrian cement company was also listed as a front for the IRGC's Quds Force.
The US also sanctioned Singapore- and UAE-based shipping agents that it says directly aid Iranian shadow fleet operations.
Both of these shipping agents are accused of supplying the shadow fleet with food and fuel during operations.
“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.”