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The US Treasury Department has added a law firm, several shipping companies and cargo vessels to its sanctions list, accusing them of supporting Iran's maritime activities. The designations were announced under an "Economic Exclusion Operation."

The Treasury said the network helped Iran generate revenue through what it called illegal maritime transport, indirectly financing Tehran's military, arms and nuclear programs.

Law firm and shipping network designated

The Treasury said the Panama and Greece-based law firm "Karnakis and Karnakis" was added to the sanctions list for supporting Iran's maritime transport operations over a period of years. According to the department, those activities contributed indirectly to Iran's ability to earn revenue for its military, weapons and nuclear programs.

Shipping agencies based in Singapore and the United Arab Emirates that directly assisted Iran's shadow fleet operations were also designated, the Treasury said. A cargo vessel fleet described as generating significant income for the Iranian regime was targeted as well.

FinCEN uses administrative summons for first time

The Financial Crimes Enforcement Network (FinCEN), part of the Treasury, used its administrative summons authority for the first time as part of an inquiry into a Greek bank's possible ties to Iran and Iran-linked proxy actors, according to the department.

The Treasury said FinCEN issued multiple requests for information to banks regarding their relationships with sanctioned Iranian financial institutions.

Bessent warns those aiding Iran

US Treasury Secretary Scott Bessent said the reach of the measures extended across different kinds of activity. "Whether you are carrying out illegal oil transfers at sea or sitting in a law firm office, if you support the Iranian regime, we will find you and impose sanctions," Bessent said.

Bessent said anyone helping Iran faces a choice. "You are either with us or against us. We know who you are and what you have done, and we will continue to act," Bessent said.

Temporary licenses allow wind-down and safety operations

The Treasury's Office of Foreign Assets Control (OFAC) issued a general license allowing transactions with the designated law firm "Karnakis and Karnakis" and any entities in which it holds a direct or indirect ownership stake of 50 percent or more to be wound down by November 20.

A separate general license temporarily permits certain transactions involving designated individuals, entities and vessels through November 20. The allowed activities include winding down existing financial transactions, letting vessels safely enter and leave ports, protecting crew safety, carrying out emergency repairs and environmental protection work, and delivering and unloading specified cargo.

Key takeaways

• The US Treasury sanctioned the Panama and Greece-based law firm "Karnakis and Karnakis" over support for Iran's maritime transport.
• Shipping agencies in Singapore and the UAE and a cargo vessel fleet tied to Iran's shadow fleet were also designated.
• FinCEN used its administrative summons authority for the first time in an inquiry into a Greek bank's possible Iran ties.
• OFAC set a November 20 deadline for wind-down and permitted safety operations involving designated parties.