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Friday, October 23, 2026
Volume:
42
Issue:
11
Abstract:
On October 21, 2026, the U.S. Department of Treasury Office of Foreign Asset Control (OFAC) announced that, as part of Operation Economic Outcast and pursuant to Executive Order (E.O.) 13902, it sanctioned Panama- and Greece-based law firm Karnakis and Karnakis, which allegedly has supported illicit Iranian shipping activity for years. Hence, OFAC alleges the firm indirectly helped Tehran’s ability to generate revenue to fund its military, weapons, and nuclear programs.