On Wednesday, the U.S. Department of the Treasury sanctioned a law firm based in Panama and Greece for supporting Iran's illegal maritime activities.
Sanctions and Illegal Activities
The department announced that the firm "Karnakis & Karnakis" has registered shipping companies that own vessels in the shadow fleet and are responsible for transporting hundreds of millions of dollars worth of steel, oil, petrochemicals from Iran, and other goods. The firm has acted as a front for the company "Al-Qatari", which has been accused of selling millions of barrels of Iranian oil for the benefit of the Islamic Revolutionary Guard Corps and the Houthi rebels in Yemen.
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Ownership and Expertise of the Company
The firm is founded and operated by dual Panamanian and Greek citizens, "Sofiano Karnakis Kasmas" and "Konstantinos Karnakis Kasmas". The company's website mentions its expertise in maritime and commercial law.
In this context, the Treasury Department has also sanctioned several shipping agents based in Singapore and the United Arab Emirates who are accused of supporting Iran's shadow fleet. This fleet has transported millions of barrels of crude oil and petrochemical products to buyers, especially in South and East Asia.
U.S. Treasury Secretary "Scott Basset" stated in a press release: "Whether you are conducting illegal oil transfers at sea or sitting in a corporate office, if you support the Iranian regime, we will find you and sanction you."
These sanctions have been announced as Washington and Tehran continue indirect negotiations aimed at ending the nearly eight-month war and reopening the Strait of Hormuz. A preliminary agreement reached in June paved the way for negotiations regarding Iran's nuclear program but fell apart due to disagreements over control of this strategic waterway.
Iranian officials have stated that the Strait of Hormuz will remain blocked until the Trump administration meets several conditions. These conditions include lifting the U.S. maritime blockade and releasing frozen assets. "Abbas Araghchi", Iran's foreign minister, emphasized in an article on Wednesday that his country is seeking a diplomatic resolution.
He said: "While Iran is firmly committed to seeking a respectful peaceful solution to this dispute, we are also fully prepared to defend ourselves."
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