Economic Outcast: sanctions on law firm — Greece issues official response
Greece’s Finance Ministry says it is cooperating with the US. FinCEN’s inquiry into an unnamed Greek bank is distinct from sanctions on Karnakis and Karnakis.
Greece’s Ministry of National Economy and Finance announced on 22 October 2026 that it was cooperating with the relevant US authorities and assessing available information following US Operation Economic Outcast actions concerning Iran-linked networks.
The US action
On 21 October, the US Treasury announced sanctions on Karnakis and Karnakis, a law firm based in Greece and Panama. It accuses the firm of supporting shipping networks by establishing companies linked to the transport of Iranian products. This is the US authority’s stated rationale.
A separate banking inquiry
The same announcement says FinCEN issued an administrative subpoena to advance an inquiry into a Greek bank’s potential links to Iran and associated networks. It does not name the bank or announce sanctions against it. This investigative step is distinct from the action against the law firm.
Athens’s position
The Greek announcement says authorities are cooperating with the US and other partners and acting under applicable law. It identifies no bank and sets out no specific new Greek measure or freezing decision.
In its accessible report dated 21 October, Reuters said the firm had not immediately responded to its request for comment. The US sanctions and allegations under examination are not presented here as a Greek criminal conviction.
English translation of the Greek edition · Read in Greek