US SANCTIONS LAW FIRM ACCUSED OF HELPING IRAN EVADE OIL SANCTIONS

What happened: The US Treasury sanctioned Karnakis & Karnakis, a law firm based in Greece and Panama, saying it provided legal assistance to Iranian shipping networks. Treasury also sanctioned Singapore and UAE based shipping agents. Key numbers: Sanctions announced Wednesday. Why it matters: Treasury Secretary Scott Bessent said those supporting the Iranian regime will be found and sanctioned. State Department spokesman Tommy Pigott said the firm set up shell companies to hide vessel owners.

The US Treasury sanctioned Karnakis & Karnakis, a law firm based in Greece and Panama, saying it provided legal assistance to Iranian shipping networks. Treasury also sanctioned Singapore and UAE based shipping agents.

Treasury Secretary Scott Bessent said those supporting the Iranian regime will be found and sanctioned. State Department spokesman Tommy Pigott said the firm set up shell companies to hide vessel owners.