According to Iran International, the US Treasury Department on Wednesday added 5 individuals, 4 companies, and 9 vessels they identified as facilitating Iran's oil smuggling and sanctions evasion to the sanctions list. The US Treasury Department's official "Recent Actions" page also contains a notice dated October 21, 2026, titled "Determinations Regarding Iran," which aligns with the timing of the report.
According to Iran International's report, the sanctions target Panama and Greece-based law firm Karnakis & Karnakis, five of its founders and employees, the shipping company "Rocket Maritime Shipping and Trading," and two maritime intermediary entities operating in Singapore and the United Arab Emirates. According to the Treasury Department, Karnakis & Karnakis aided in obscuring the true owners of shadow fleet vessels through shell companies; these vessels carried hundreds of millions of dollars worth of Iranian oil, petrochemicals, and steel. The Department also highlighted the firm's role within the corporate structure of Seyed Asadollah Emamjomeh's shipping network, known for liquefied gas trading; Emamjomeh and his network of companies had previously been sanctioned for assisting in financing Iran's nuclear and weapons programs.
The five sanctioned individuals are law firm founders Sofianos and Konstantinos Karnakis Kosmas, and employees Ioannis Karnakis Kosmas, Pedro Ortega Jones, and Roberto Ortega Jones. Seven cargo vessels associated with Rocket Maritime ("Anmos," "Gloris," "Pride," "Destiny," "Flamingo-1," "Harmony," and "Prince") were frozen; the Treasury Department noted that three of them had carried Iranian petrochemicals and steel in the past year. Singapore-based "Amigos Singapore" and Dubai-based "Wills Shipping Line" were also added to the list for facilitating Iranian oil trade; two support vessels associated with Wills were also frozen.
Treasury Secretary Scott Bessent said in a statement: "Whether you're smuggling illegal oil across the ocean or sitting in a law firm's management office, if you're supporting the Iranian government, we will find you and sanction you." According to Iran International, this step demonstrates the continuation of an "economic stranglehold" campaign launched August 24 aimed at cutting off government revenue streams. The Treasury Department also announced that the US financial crime network is investigating possible links between a Greek bank and Iran and affiliated groups; the bank's name was not disclosed in the statement.
Context
This sanctions package is the latest in a series that the US has applied against Iran's "shadow fleet" throughout the year. According to Iran International, the Treasury Department had added 16 Iranians and 10 entities on October 15 and, on October 8, had sanctioned 6 individuals, 27 companies, and 22 vessels on similar grounds. The focus of sanctions is continuously expanding across oil sales, money transfers, and military supply chains; this shows that Iran is attempting to find limited alternative trade and shipping channels while the US is focused on identifying these channels one by one. The following day, the Treasury also included Iran, alongside China, Russia, and North Korea, in a proposed new investment restriction rule (related report).
For information only; not investment advice.
