New Sanctions Target Greek and UAE Companies Linked to Iran

The US Treasury Department announced on Wednesday the addition of new individuals, companies, and vessels to its list of sanctions related to Iran, coinciding with the issuance of general licenses allowing for the wind-down of certain transactions involving sanctioned persons and entities.

In a statement, the department's Office of Foreign Assets Control said it added 5 individuals, 4 companies, and 9 vessels to the Specially Designated Nationals and Blocked Persons List under Executive Order 13902 concerning sanctions on sectors of the Iranian economy.

The measures included companies operating in shipping and maritime trade, along with individuals and entities linked to "Karnakis & Karnakis," as well as vessels flying the Panamanian flag and others flying the UAE flag.

Targeting a Law Firm
The US Treasury imposed sanctions on the Greek and Panamanian law firm "Karnakis & Karnakis," noting that it had provided legal assistance to Iran's shipping sector for years.

A Treasury statement noted that the Financial Crimes Enforcement Network also issued an administrative subpoena to proceed with an investigation into a Greek bank regarding potential links to Iran. The statement did not name the bank.

The network also sent requests for information to six other banks in Europe regarding their relationships with Iranian financial institutions subject to US sanctions.

US Treasury Secretary Scott Bessent said in a statement: "Whether you are involved in illegal oil transfers at sea or sitting in your offices inside law firms, know that if we find you supporting the Iranian regime, we will reach you and impose sanctions on you."

US State Department spokesperson Tommy Pigott stated that "Karnakis & Karnakis" had spent years "establishing shell companies to hide the true owners of vessels transporting Iranian oil, petrochemicals, and steel."

He added that the company created entities that served as fronts for networks selling millions of barrels of Iranian oil to benefit the Quds Force of the Islamic Revolutionary Guard Corps, as well as the Houthis.

The company has not yet responded to a request for comment.

Shipping Network for Iran
The sanctions also included "Amigos Singapore," "Rockst Maritime Shipping and Trading" registered in Panama, and "Wales Shipping Line," headquartered in Dubai. The Office of Foreign Assets Control listed these companies under Executive Order 13902.

The new list included seven vessels associated with "Rockst Maritime Shipping and Trading": "Animus," "Destiny," "Flamingo 1," "Gloris," "Harmony," "Pride," and "Prince."

The seven vessels fly the Panamanian flag and vary between general cargo ships and bulk carriers.

The Treasury also listed the vessels "Wales Diamond" and "Wales Pearl," which are support and supply ships flying the UAE flag and linked to "Wales Shipping Line."

US sanctions result in the freezing of assets and financial interests of listed persons and entities located within the United States or controlled by US persons, and prohibit most transactions involving them unless permitted by a license or legal exception.

Licenses for Transaction Wind-Down
Concurrent with the imposition of sanctions, the Office of Foreign Assets Control announced the issuance of two new general licenses related to Iran.

General License (GG) allows for the wind-down of transactions involving "Karnakis & Karnakis," while General License (HH) permits specific wind-down activities, limited transactions related to safety and environmental concerns, and offloading of shipments associated with persons or vessels added to the sanctions list on October 21, 2026.

The office also issued Russian General License No. 131K, which allows certain transactions necessary for negotiating the sale of "Lukoil International," entering into conditional contracts to complete the deal, along with associated maintenance activities.

These licenses allow for the execution of specific activities according to the conditions and timeframes defined by each license, and do not imply a general lifting of sanctions against the relevant parties.