Iranian shipping networks are under prosecution. The thread reaches Greece

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The prosecution of shipping networks linked to Iran reached a law firm and a bank in Greece, after Washington imposed sanctions on the former and opened an investigation into the latter, in a move targeting legal and financial services that US authorities say help Tehran evade the sanctions.

The Greek Ministry of Finance announced today, Thursday, following US measures, that it is implementing sanctions related to Iran, stressing its support for efforts to combat money laundering and terrorist financing.

It also added that it evaluates all available information and takes appropriate measures in accordance with established procedures and applicable national, European and international laws, after reviewing the US Treasury’s statement on the issue.

Part of the measures focus on the company "Karnakis & Karnakis", which is based in Greece and Panama, and which the US Treasury Department accuses of providing services that helped Iranian shipping networks continue their activity for years.

The Treasury also indicated that the company used its legal activity to register companies that owned ships transporting Iranian oil, petrochemicals, and steel, while some of its employees held administrative positions within those entities, which helped hide the identity of the real beneficiaries. She said that the company also contributed to building a network of companies linked to the Iranian liquefied petroleum gas trader, Sayyed Asadollah Imamjuma, who, according to the American account, is responsible for shipping hundreds of millions of dollars in Iranian products.

For its part, the US State Department said that companies established by the office served as fronts for networks that sold millions of barrels of Iranian oil to the Quds Force of the Revolutionary Guard and the Houthis. The law firm did not immediately respond to a request for comment, according to Reuters.

In parallel with the sanctions, the US Financial Crimes Enforcement Network (FINNCIN) issued an administrative order requesting records, with the aim of advancing an investigation into possible links between a Greek bank and Iran.

The US authorities did not reveal the name of the bank, and they also sent information requests to six other European banks regarding their relations with Iranian financial institutions subject to sanctions, according to Reuters.

The bank action remains an information-gathering investigation; The aforementioned announcement did not include imposing penalties on him or announcing a result proving that he had committed a violation.

The measures fall within the “Economic Outcast” operation, which the US Treasury launched in August, to target Iranian revenue sources and money transfer networks and circumvent sanctions.

The new package also included a cargo ship management company and seven related ships, as well as individuals working for the law firm. Washington says that pursuing these intermediaries aims to disrupt the structure that allows the continuation of Iranian trade, which is subject to sanctions.

The case demonstrates the expansion of the scope of US prosecution to include those who register and manage companies and provide them with banking services. Behind the ships and shipments, Washington is looking for a series of legal and financial relationships, while Athens confirms that it reviews the information and takes action in accordance with applicable laws.