The U.S. Treasury Department has imposed sanctions on an international law firm accused of helping Iran disguise the ownership of vessels involved in transporting oil and other commodities, expanding Washington’s campaign against Tehran’s shadow shipping network. Reuters reports.

The firm, Karnakis & Karnakis, operates in Greece and Panama and allegedly spent years establishing shell companies that disguised the ownership of vessels carrying Iranian petroleum, petrochemicals and steel.

U.S. officials said the arrangements helped move millions of barrels of Iranian oil and generated revenue that benefited the Islamic Revolutionary Guard Corps Quds Force as well as the Houthis.

Treasury Secretary Scott Bessent said American enforcement efforts would continue targeting not only shipping companies and vessel operators but also the professional service providers who facilitate Iranian sanctions evasion.

Treasury’s Financial Crimes Enforcement Network also issued an administrative subpoena to a Greek bank as part of an investigation into possible Iranian links, while additional European banks reportedly received requests for information concerning their dealings with sanctioned Iranian entities.

The measures are part of a broader U.S. pressure campaign that includes naval interdictions, shipping restrictions and financial sanctions aimed at constricting Iran’s oil trade and foreign-currency access.

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