The decision is part of Donald Trump’s administration’s maximum pressure campaign against Tehran and highlights the expansion of US sanctions beyond shipowners and ship managers to companies providing legal and corporate services.
A Greek bank has also been targeted by US authorities. According to the Chameleon column, it is a small, unlisted credit institution with extensive dealings in the shipping industry.
Allegations against Karnakis & Karnakis
According to Tradewinds, the US Treasury accuses Karnakis & Karnakis of facilitating illegal activity in Iranian shipping for years, including by setting up shipping companies in Panama. US authorities say these companies were linked to vessels in the so-called shadow fleet that carried Iranian steel, oil and petrochemicals.
Among the companies named is Elias Shipping and Trading, which had already been sanctioned and is listed as the owner of the Ramona 1, a crude oil tanker with a capacity of 164,000 dwt, built in 2002. The US Treasury describes Elias as a front company for Syria’s Al-Qatirji Co, which it accuses of selling oil for the benefit of the Quds Force of Iran’s Islamic Revolutionary Guard Corps and the Houthis.
Washington also attributes to Karnakis & Karnakis a role in establishing the corporate structure of Iranian national Seyed Asadoollah Emamjomeh’s LPG shipping network. Emamjomeh has already been sanctioned by the US for activities linked to the shadow fleet.
Sanctions against individuals
The sanctions also apply to the law firm’s founders and owners, Sofianos Karnakis Kosmas and Konstantinos Karnakis Kosmas, who hold dual Panamanian and Greek citizenship. Also added to the list were lawyers Ioannis Karnakis Kosmas and Pedro Ortega Jones, as well as Roberto Ortega Jones, who, according to the US Treasury, had served as a director or officer at companies set up by the law firm.
The sanctions were announced as part of Operation Economic Outcast, alongside measures targeting nine ships and other companies in the shipping sector. US Treasury Secretary Scott Bessent said Washington would target those it believes support the Iranian regime, including companies providing legal or corporate services.