The US Treasury Department imposed sanctions on Wednesday on Karnakis & Karnakis, a law firm based in Greece and Panama, for providing legal assistance to Iranian shipping networks.
The US Financial Crimes Enforcement Network issued an administrative subpoena to a Greek bank and information requests to six other European banks regarding ties to Iran.
State Department spokesman Tommy Pigott stated that the sanctioned law firm set up shell companies to hide true owners of vessels carrying Iranian oil, petrochemicals, and steel.