Operation Economic Outcast Targets Iran’s Shadow Fleet Networks (Press Release)

Date issued: Oct. 21 2026

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TURBOFAC Commentary (108 words)

Notes:

While only a small, 5-peron law firm at the time it was sanctioned, the blocking of Karnakis and Karnakis and its individual lawyers appears to be a “landmark” secondary sanctions designation insofar as it is the only designation ever of a law firm. Notably, OFAC does not allege the firm to have been involved in any unlawful activities (as opposed to activities that are contrary to U.S. foreign policy but otherwise legal under the relevant jurisdictions). See more at https://www.reuters.com/world/americas/us-imposes-sanctions-greek-panama-law-firm-helping-iran-shipping-2026-10-21. The other designations are fairly straightforward and consistent with precedent.