Operation Economic Outcast Targets Iran’s Shadow Fleet Networks

Law Firms, Shipping Agents, and Vessels Helped Conceal and Transport Iranian CommoditiesWASHINGTON—Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury sanctioned Panama- and Greece-based law firm Karnakis and Karnakis, which has supported illicit Iranian shipping activity for years, indirectly aiding Tehran’s ability to generate revenue to fund its military, weapons, and nuclear programs. Throughout Operation Economic Outcast, Treasury has continued to coordinate with counterparts in Europe and around the world to sever the Iranian regime’s remaining economic lifelines. “Whether you are conducting illegal oil transfers at sea or sitting in the corner office of a law firm, if you are supporting the Iranian regime, we will find you and sanction you,” said Secretary of the Treasury Scott Bessent.