PANAMA · SANCTIONS
Key Facts
- —What is happening The US Treasury sanctioned the Panama law firm Karnakis and Karnakis, five people, a ship manager and seven Panama-flagged cargo ships on Wednesday, 21 October, over alleged help for Iranian shipping.
- —Why it matters The US alleges the firm set up shipping companies that moved hundreds of millions of dollars of Iranian steel, oil and petrochemicals, so dealing with any of them is now off limits for US persons.
- —The numbers The action covers 4 companies, 5 individuals and 9 vessels, 7 of them Panama-flagged; two general licences let dealings with the firm and the seven ships wind down until 20 November.
- —Who is who Karnakis and Karnakis has offices in Panama City and Piraeus, Greece; Roxette Maritime Shipping and Trading manages the seven ships, and the brothers Sofianos and Konstantinos Karnakis Kosmas are named as its owners.
- —What to watch Whether Panama’s maritime authority cancels the registration of the seven ships, as it did for three sanctioned tankers after 8 October, and how the firm responds.
- —Power Index Panama ranks 11th of 14 in The Rio Times Latin America Power Index, with 34.2 points (October 2026 edition).
- —What it means for you US companies, banks and insurers must block dealings with the listed firms and ships; foreign banks and shippers that keep trading with them risk US sanctions themselves.
The US Treasury has sanctioned a Panama law firm and seven Panama-flagged ships. It says they helped hide Iran’s shipping trade.
The US Treasury sanctioned a Panama law firm, five people and seven Panama-flagged cargo ships on Wednesday, 21 October. It says the firm, Karnakis and Karnakis, helped Iranian shipping networks hide who owned their vessels.
For US readers, the order blocks US property of the listed firms and ships. It also bars US persons from dealing with them, and it reaches into Panama’s ship registry.
What the Treasury Says the Law Firm Did
The Treasury says Karnakis and Karnakis, based in Panama City and Piraeus, has for years registered companies owning “shadow fleet” vessels. It says those vessels shipped hundreds of millions of dollars of Iranian steel, petroleum and petrochemicals.
The Treasury says the firm set up Skyros Maritime, Corfu Maritime and Elias Shipping and Trading Group, all since sanctioned. Elias Shipping fronted for Syria’s Al-Qatirji Company, which sold Iranian oil for the Quds Force and the Houthis.
It describes the firm as central to the shipping empire of Iranian gas magnate Seyed Asadoollah Emamjomeh. The firm was, it says, corporate agent for many of his companies, several of them already sanctioned.
The Five People and the Seven Ships
The Treasury says brothers Sofianos and Konstantinos Karnakis Kosmas, dual Panamanian-Greek nationals, founded and own the firm. It names Ioanis Karnakis Kosmas and Pedro Ortega Jones as employees, and Roberto Ortega Jones as a director.
Roxette Maritime Shipping and Trading S.A. is the operator and manager of the seven ships, and the firm is its corporate agent. They are Anemos, Gloris, Pride, Destiny, Flamingo 1, Harmony and Prince, all under the Panama flag.
The Treasury says Anemos, Gloris and Pride carried Iranian-origin cargo within the past year, including petrochemicals and steel. It does not give cargo volumes or prices for the other four.
Shipping Agents in Singapore and Dubai
The same action lists two shipping agents, Amigoz Singapore and Whales Shipping Line of Dubai. The Treasury says Amigoz acted as agent for a shipment of Iranian light crude and refuelled a shadow-fleet vessel.
It says Whales acted for a sanctioned front company that bought tens of millions of dollars of Iranian petrochemicals. Whales owns two small UAE-flagged support vessels, which are also blocked, bringing the vessel total to nine.
Neither licence covers Amigoz, Whales or the two UAE vessels. No wind-down period for them appears in the licences.
A Greek Bank Under US Investigation
The Treasury also says its financial crimes unit, FinCEN, issued its first administrative subpoena of this kind under the Bank Secrecy Act. It is investigating a Greek bank’s possible ties to Iran and its allies, and does not name the bank.
FinCEN says it is working with European partners, including Greece. A subpoena is an investigative step, and no finding against any bank has been announced.
Two Licences Set a 20 November Deadline
OFAC, the Treasury sanctions office, issued General License GG to allow wind-down of dealings with Karnakis and Karnakis and its companies. It runs until 12:01 a.m. eastern time on Friday, 20 November.
General License HH covers Roxette and its seven ships until then, and allows safe docking and repairs. It also lets non-Iranian cargo loaded by 21 October be offloaded.
Panama’s Registry and Earlier Cases
Panama’s maritime authority began removing three sanctioned tankers from its registry after the action of Thursday, 8 October, as earlier coverage reported. A decree of 18 October 2024 orders cancellation of ships on US, UN, EU or UK sanctions lists, the authority said.
None of the Panamanian reports on this case, from La Estrella de Panamá, TVN or Crítica, quotes the authority or the government. La Estrella notes that a US administrative designation does not by itself amount to a criminal conviction.
Karnakis and Karnakis was resident agent of Aquila Worldwide Marine Developments, sanctioned in May 2026, La Prensa says. For wider background, see Panama geopolitics explained and the canal’s shipping traffic.
What It Means for US Readers
US companies, banks and insurers must block any property of the listed firms and ships and report it to OFAC. Dealing with them is barred without a licence, and penalties can apply on a strict-liability basis.
Entities owned 50% or more by a listed person are also blocked. Non-US banks, ports and charterers that keep trading with the listed ships risk losing access to US finance, Treasury warned.
What Is Not Known
The Treasury’s accusations are allegations, and none of the listed firms or people has publicly replied in the reports reviewed. Karnakis and Karnakis has not commented in the Panamanian press coverage found.
It is not known whether Panama will cancel the seven ships’ registration or when. The value of the Roxette ships’ cargoes is not stated, and the Greek bank under subpoena is not named.
What Comes Next
The licences expire at 12:01 a.m. eastern time on Friday, 20 November, and counterparties must have ended their dealings by then. The listing does not itself charge anyone with a crime in Panama.
Panama’s maritime authority may move on the seven ships, as it did after 8 October. The Treasury says it will continue to target the Iranian regime’s facilitators.
Frequently Asked Questions
Who was sanctioned on 21 October?
The Treasury sanctioned the law firm Karnakis and Karnakis, five people and three shipping companies. It also blocked nine vessels.
Which seven ships are Panama-flagged?
They are Anemos, Gloris, Pride, Destiny, Flamingo 1, Harmony and Prince, all managed by Roxette Maritime Shipping and Trading. Three of them carried Iranian cargo in the past year, the Treasury says.
Why did the US target a law firm?
The Treasury says the firm registered shell and front companies that owned shadow-fleet ships and hid the true owners. It treats such corporate services as essential to evading sanctions.
Is anyone convicted of a crime?
No, because the sanctions are a US administrative measure and the Treasury’s claims are allegations. No Panamanian court action has been reported.
Until when can companies wind down dealings?
Two general licences cover the firm and Roxette’s seven ships until 12:01 a.m. eastern time on Friday, 20 November. Offloading is limited to cargo not of Iranian origin that was loaded by 21 October.
Sources: US Treasury press release, 21 October 2026; OFAC recent actions, 21 October 2026; OFAC General License GG; OFAC General License HH; La Estrella de Panamá; TVN Noticias; Crítica; Mi Diario; Panama Maritime Authority, 19 October 2024 (all accessed 22 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief