New US sanctions target Iran’s “shadow fleet” networks (update)
New US sanctions target Iran’s “shadow fleet” networks (update)
2026-10-22
Shafaq News – Washington
The US Treasury Department announced on Wednesday evening a new package of sanctions targeting international networks supporting Iran’s “shadow fleet,” including 5 individuals and 4 companies, including law firms, legal services offices, and shipping agents, as well as 9 commercial vessels, as part of a broad campaign known as “Operation Economic Paragon.”
The US Treasury explained in a statement seen by Shafaq News Agency that the sanctions targeted the law firm “Karnakis & Karnakis” (registered in Panama and Greece), accusing it of establishing shell companies and commercial fronts over the years to facilitate the shipment of hundreds of millions of dollars worth of Iranian oil, petrochemical products and iron, for the benefit of networks affiliated with the “Iranian Revolutionary Guard” and the “Houthis” group.
The measures also included Roxit Shipping and Trading, and the shipping agency companies Amigos Singapore and Wales Shipping in the UAE, in addition to identifying and banning a group of cargo ships used to transport Iranian goods and provide financial resources to the Iranian regime.
US Treasury Secretary Scott Bissett emphasized that the campaign aims to cut off Iran’s economic outlets, saying: “Whether you’re conducting illegal oil transfers at sea or sitting in a law firm’s office, if you’re supporting the Iranian regime, we’ll reach you and impose sanctions.”
The US Treasury Department announced last Thursday new sanctions targeting Iranian networks for circumventing international sanctions, including 16 individuals and 10 entities, among them the Iraqi Development Bank .
The sanctions are part of an economic pressure campaign launched by the Treasury Department last August, which aims to cut off Tehran’s funding sources for war activities, missile development, cyberattacks and support for the Iranian Revolutionary Guard, which the United States classifies as a terrorist organization.
shafaq.com
