
Karnakis and Karnakis
Panamanian law firm sanctioned by OFAC over alleged Iranian shipping links.
OFAC designated Karnakis and Karnakis on 21 October 2026, alleging that the Panamanian law firm registered and represented shipping companies used in Iranian commodity trades.
Last refreshed: 22 October 2026 · Appears in 1 active topic
Why did OFAC sanction Karnakis and Karnakis?
Timeline for Karnakis and Karnakis
Treasury sanctions a Panama law firm
Iran Conflict 2026Background
Karnakis and Karnakis is a Panama-registered law firm with offices recorded in Panama City and Piraeus. OFAC identifies it as a legal-services entity established on 13 March 2006 under Panamanian taxpayer number 921299-2-23411. Panama's Judicial Branch separately lists Karnakis & Karnakis among law firms registered as custodians of bearer shares.
The ampersand form and the written-out name refer to the same firm. Its Panamanian taxpayer number is the main domestic identifier, while its two offices place it in a corporate-registration centre and a major shipping port. Legal firms and corporate agents can establish and represent the companies that own or manage vessels. That work is separate from operating a ship, chartering it or handling its cargo, even when the same maritime network uses all of those services.
Sanctions target its corporate agency work
On 21 October 2026, OFAC added Karnakis and Karnakis to the Specially Designated Nationals List under Executive Order 13902. The US Treasury alleged that The Firm registered shipping companies, supplied nominal directors and acted as corporate agent for companies in Seyed Asadoollah Emamjomeh's shipping network.
For Karnakis and Karnakis, the designation places its company-registration and agency services at the centre of the US sanctions case. The action therefore reaches The Firm's legal-services role. It is an administrative sanctions action based on Treasury's allegations.
Reference
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Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 22 October 2026. Editorial standards.