Operation Economic Outcast: Treasury designated five individuals and four entities and identified nine vessels as blocked property for enabling Iran’s shadow fleet and trade in petroleum, petrochemicals, steel, and other commodities. The action targets the legal and maritime infrastructure used to conceal vessel ownership, service illicit shipments, and generate revenue for Iran’s military, weapons, nuclear, and proxy activities.

Authority
- Designations were imposed under E.O. 13902, targeting Iran’s petroleum, petrochemical, and other key economic sectors.

Individuals
- 𝐒𝐨𝐟𝐢𝐚𝐧𝐨𝐬 𝐊𝐚𝐫𝐧𝐚𝐤𝐢𝐬 𝐊𝐨𝐬𝐦𝐚𝐬 — Dual Panamanian-Greek national; founder and owner of Karnakis and Karnakis.
- 𝐊𝐨𝐧𝐬𝐭𝐚𝐧𝐭𝐢𝐧𝐨𝐬 𝐊𝐚𝐫𝐧𝐚𝐤𝐢𝐬 𝐊𝐨𝐬𝐦𝐚𝐬 — Dual Panamanian-Greek national; founder and owner of Karnakis and Karnakis.
- 𝐈𝐨𝐚𝐧𝐢𝐬 𝐊𝐚𝐫𝐧𝐚𝐤𝐢𝐬 𝐊𝐨𝐬𝐦𝐚𝐬 — Panamanian-Greek national; law-firm employee who supported its corporate-services operations.
- 𝐏𝐞𝐝𝐫𝐨 𝐎𝐫𝐭𝐞𝐠𝐚 𝐉𝐨𝐧𝐞𝐬 — Panamanian national; law-firm employee who supported its corporate-services operations.
- 𝐑𝐨𝐛𝐞𝐫𝐭𝐨 𝐎𝐫𝐭𝐞𝐠𝐚 𝐉𝐨𝐧𝐞𝐬 — Panamanian national; employee who acted as a director or officer of registered companies to obscure their true beneficial owners.
- All five were designated for acting for or on behalf of Karnakis and Karnakis.

Entities
- 𝐊𝐚𝐫𝐧𝐚𝐤𝐢𝐬 𝐚𝐧𝐝 𝐊𝐚𝐫𝐧𝐚𝐤𝐢𝐬 — Panama- and Greece-based law firm; established shell and front companies owning shadow-fleet vessels that transported hundreds of millions of dollars in Iranian steel, petroleum, LPG, and petrochemicals. The firm also built corporate architecture for Iranian LPG magnate Seyed Asadoollah Emamjomeh’s shipping network.
- 𝐑𝐨𝐱𝐞𝐭𝐭𝐞 𝐌𝐚𝐫𝐢𝐭𝐢𝐦𝐞 𝐒𝐡𝐢𝐩𝐩𝐢𝐧𝐠 𝐚𝐧𝐝 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐒.𝐀. — Panama- and Greece-based operator and ship manager; managed cargo vessels used to transport Iranian-origin petrochemicals, steel, and other goods.
- 𝐀𝐦𝐢𝐠𝐨𝐳 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞 𝐏𝐓𝐄. 𝐋𝐭𝐝. — Singapore-based shipping and port agent; facilitated a Sepehr Energy Jahan Nama Pars Company crude shipment, worked with dark-fleet actors linked to Mohammad Hossein Shamkhani, and provided bunkering services to an Iranian shadow-fleet vessel.
- 𝐖𝐡𝐚𝐥𝐞𝐬 𝐒𝐡𝐢𝐩𝐩𝐢𝐧𝐠 𝐋𝐢𝐧𝐞 𝐋𝐋𝐂 — Dubai, UAE-based maritime and logistics company; supported Amigoz and acted as shipping agent for sanctioned front company Sparrow Trading FZE in Iranian petrochemical purchases coordinated with Persian Gulf Petrochemical Industry Commercial Co.

Vessels identified as blocked property
- 𝐀𝐍𝐄𝐌𝐎𝐒 — IMO 9205952; Panama flag.
- 𝐆𝐋𝐎𝐑𝐈𝐒 — IMO 9449510; Panama flag.
- 𝐏𝐑𝐈𝐃𝐄 — IMO 9487407; Panama flag.
- 𝐃𝐄𝐒𝐓𝐈𝐍𝐘 — IMO 9385491; Panama flag.
- 𝐅𝐋𝐀𝐌𝐈𝐍𝐆𝐎 𝟏 — IMO 9474199; Panama flag.
- 𝐇𝐀𝐑𝐌𝐎𝐍𝐘 — IMO 9449522; Panama flag.
- 𝐏𝐑𝐈𝐍𝐂𝐄 — IMO 9548316; Panama flag.
- 𝐖𝐇𝐀𝐋𝐄𝐒 𝐃𝐈𝐀𝐌𝐎𝐍𝐃 — IMO 9375032; UAE flag.
- 𝐖𝐇𝐀𝐋𝐄𝐒 𝐏𝐄𝐀𝐑𝐋 — IMO 9483114; UAE flag.

Additional network links
- Karnakis and Karnakis previously formed 𝐒𝐤𝐲𝐫𝐨𝐬 𝐌𝐚𝐫𝐢𝐭𝐢𝐦𝐞 𝐚𝐧𝐝 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐒.𝐀., 𝐂𝐨𝐫𝐟𝐮 𝐌𝐚𝐫𝐢𝐭𝐢𝐦𝐞 𝐚𝐧𝐝 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐒.𝐀., and 𝐄𝐥𝐢𝐚𝐬 𝐒𝐡𝐢𝐩𝐩𝐢𝐧𝐠 𝐚𝐧𝐝 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐆𝐫𝐨𝐮𝐩 𝐒.𝐀., all previously designated for owning vessels active in Iranian petroleum trade.
- 𝐑𝐀𝐌𝐎𝐍𝐀 𝟏 — IMO 9233222; flag not specified. Owned by Elias Shipping and Trading Group S.A., which served as a front for Syria’s Al-Qatirji Company in selling Iranian oil benefiting the IRGC-QF and Houthis.
- 𝐙𝐈𝐗𝐔𝐀𝐍 — IMO 9317298; flag not specified. Received bunkering services from Amigoz.

Enforcement and compliance implications
- U.S.-located property and interests in property of designated or blocked persons must be frozen and reported to OFAC.
- Entities owned 50% or more, individually or in aggregate, by blocked persons are also blocked.
- U.S. persons generally may not transact with designated parties; civil penalties may apply on a strict-liability basis.
- Foreign parties face heightened secondary-sanctions exposure, including restrictions on U.S. correspondent or payable-through accounts for foreign financial institutions facilitating significant transactions.
- FinCEN issued its first administrative subpoena under 31 U.S.C. § 5318(k) in an investigation of a Greek bank’s potential Iran-related ties and sent multiple information requests concerning banks’ relationships with OFAC-designated Iranian financial institutions.
- No wind-down period, digital-currency addresses, or new OFAC FAQs were announced.

Source: https://home.treasury.gov/news/press-releases/sb0664/