The US has imposed sanctions, as part of Operation Economic Outcast, on a law firm based in Greece and Panama, saying it had for years provided legal assistance to Iranian shipping
The US has imposed sanctions, as part of Operation Economic Outcast, on a law firm based in Greece and Panama, saying it had for years provided legal assistance to Iranian shipping networks.
The U.S. department of the Treasury said the firm had for years leveraged its legal practice to register shipping companies that own ‘shadow fleet vessels’ responsible for shipping hundreds of millions of dollars’ worth of Iranian steel, petroleum, and petrochemicals, among other goods.
The firm previously set up three shipping companies, among others, all of which OFAC has previously designated for their ownership of vessels active in the trade of Iranian petroleum and petroleum products, Treasury claimed in a release.
Treasury sanctioned the firm and five associated individuals, accusing them of helping obscure the true beneficial owners of these companies.
The latest designations include a Panama- and Greece-based shipping company for which the law firm serves as the
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