Washington:The U.S. Treasury Department has imposed sanctions on a law firm based in Panama and Greece, alongside shipping agents in Singapore and the United Arab Emirates, for allegedly assisting Iran in evading sanctions and transporting oil, petrochemicals, and other commodities. The sanctions also extend to multiple cargo vessels.

According to Anadolu Agency – English, these measures are part of Washington's Operation Economic Outcast, which aims to target networks generating revenue for Tehran's military, weapons, and nuclear programs. Treasury Secretary Scott Bessent emphasized the U.S.'s commitment to identifying and sanctioning those supporting the Iranian regime, stating, "Iran's facilitators must make a choice Either you are with us or against us."

The law firm Karnakis and Karnakis, operating in Panama and Greece, has been accused of establishing shipping companies that transport substantial amounts of Iranian steel, petroleum, and petrochemical products. Additionally, Amigoz Singapore PTE. Ltd. and Whales Shipping Line LLC, based in Singapore and Dubai respectively, have been sanctioned for allegedly supporting Iranian oil and petrochemical shipments.

Seven cargo vessels flagged in Panama and operated by Roxette Maritime Shipping and Trading S.A. have also been targeted for transporting Iranian-origin goods, including petrochemicals and steel. Furthermore, the Treasury Department's Financial Crimes Enforcement Network is collaborating with European partners to investigate a Greek bank's potential connections to Iran and its proxies through an administrative subpoena under the Bank Secrecy Act.

Operation Economic Outcast, initiated in August, seeks to disrupt Iran's financial channels and increase risks for foreign entities engaging in sanctions evasion. The sanctions involve blocking assets of designated entities within U.S. jurisdiction and generally prohibiting transactions with them.