Latest news with #Hezbollah-controlled
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First Post
05-07-2025
- Business
- First Post
Iran oil industry booms as sanctions lose bite: Energy output, export at record high
Sanctions are increasingly seen as ineffective, existing 'only on paper', while Iranian oil production and exports surge. Experts from all around the world are divided about the efficacy of sanctions read more A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration. Reuters Iran is higher up on the list of countries that are sanctioned in the world. Despite this, Iran's economy is booming, with the country recording soaring highs in the oil and energy industries. Earlier this week, the US imposed sanctions against a network that smuggles Iranian oil disguised as Iraqi oil and on a Hezbollah-controlled financial institution, the Treasury Department said. Sanctions are increasingly seen as ineffective, existing 'only on paper', while Iranian oil production and exports surge. Experts from all around the world are divided about the efficacy of sanctions. Agathe Demarais, the author of Backfire: How Sanctions Reshape the World Against U.S. Interests, told NPR, 'The reality is that sanctions are sometimes effective, but most often not, and it is hard to accurately predict when they will work.' STORY CONTINUES BELOW THIS AD Iran used to be the most-sanctioned country in the world until it was surpassed by Russia following the launch of its war in 2022. But Tehran's fortunes in the energy sector tell a completely different story. A number story Iran's oil sector is thriving despite decades of US-led sanctions, with output reaching a 46-year high in 2024 and set to rise further in 2025. Energy export revenues soared to a 12-year high of $78 billion in 2024, a dramatic jump from $18 billion in 2020. The story of how Iran has managed to bypass US oil sanctions goes back many years. It's a mix of US political decisions, Iranian creativity, and China's growing global influence. At times, the US looked the other way to keep oil prices low and avoid rising inflation. Other times, it shows how Iran and China have become better and more determined at working around the rules. Sanctioned plays smart Iran has diversified its energy exports, ramping up production of condensates and natural gas liquids (NGLs) such as ethane, butane, and propane, which now generate significant foreign currency. The country has the second-largest natural gas reserve and is the third-largest producer of the resource after Russia and the US. The South Pars natural gas field, the largest in the world, is located in southern Bushehr province. Iran shares this facility with Qatar, where it is called the 'North Field'. The field accounts for about 66 per cent of Iran's gas production, making it the main source in the country, which is the world's third-largest gas producer after the United States and Russia. A military hand The Islamic Revolutionary Guards Corps has played a key role in developing domestic infrastructure to process and export these products, bypassing the need for foreign partners. The buyer China is now the main buyer, taking 90 per cent of Iran's oil exports, thanks to a sanctions-proof supply chain involving discreet shipping and non-dollar transactions. The US sanctions on Iranian oil are not likely to change this business setup, as China has been buying discounted Iranian oil in bulk for years now, and analysts say that a hidden supply chain using transshipment and a payment system based in yuan that avoids the US dollar. While Chinese customs have not officially reported any oil imports from Iran since 2022, ship tracking data from Kpler shows that China's imports of Iranian crude have actually increased, nearly doubling to 17.8 million barrels per day in 2024 compared to 2022. STORY CONTINUES BELOW THIS AD Wars? No problem Recent geopolitical tensions, including the Israel-Iran conflict, have not dented Iran's oil output, with any damage to facilities quickly repaired and the US intervening to prevent escalation in the energy sector. The result is that Iran's oil industry is more robust than ever, undermining the credibility of Western sanctions and providing the regime with a steady flow of petrodollars. With inputs from agencies
Ya Libnan
04-07-2025
- Business
- Ya Libnan
US imposes fresh sanctions targeting Iran oil trade, Hezbollah
Al-Qard al-Hasan is considered one of the most prominent economic pillars of Hezbollah. It is managed outside the Lebanese economic banking system and is not subject to the Lebanese 'cash and credit' law. By Timothy Gardner and Brendan O'Brien Summary WASHINGTON-The U.S. imposed sanctions on Thursday against a network that smuggles Iranian oil disguised as Iraqi oil, and on a Hezbollah-controlled financial institution, the Treasury Department said. A network of companies run by Iraqi-British national Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil disguised as, or blended with, Iraqi oil since at least 2020, the department said. 'Treasury will continue to target Tehran's revenue sources and intensify economic pressure to disrupt the regime's access to the financial resources that fuel its destabilizing activities,' Treasury Secretary Scott Bessent said. The U.S. has imposed waves of sanctions on Iran's oil exports over its nuclear program and funding of militant groups across the Middle East. Reuters reported late last year that a fuel oil smuggling network that generates at least $1 billion a year for Iran and its proxies has flourished in Iraq since 2022. Thursday's sanctions came after the U.S. carried out strikes on June 22 on three Iranian nuclear sites, including its most deeply buried enrichment plant Fordow. The Pentagon said on Wednesday the strikes had degraded Iran's nuclear program by up to two years , despite a far more cautious initial assessment that had leaked to the public. The U.S. and Iran are expected to hold talks about its nuclear program next week in Oslo, Axios reported. Said's companies and vessels blend Iranian oil with Iraqi oil, which is then sold to Western buyers via Iraq or the United Arab Emirates as purely Iraqi oil using forged documentation to avoid sanctions, Treasury said. Said controls UAE-based company VS Tankers though he avoids formal association with it, Treasury said. Formerly known as Al-Iraqia Shipping Services & Oil Trading (AISSOT), VS Tankers has smuggled oil for the benefit of the Iranian government and the Islamic Revolutionary Guard Corps, which is designated by Washington as a terrorist organization, it said. The sanctions block U.S. assets of those designated and prevent Americans from doing business with them. VS Tankers did not immediately respond to a request for comment. Iran's mission in New York did not immediately respond to a request for comment. The U.S. also sanctioned several vessels that are accused of engaging in the covert delivery of Iranian oil, intensifying pressure on Iran's 'shadow fleet,' it said. The Treasury Department also issued sanctions against several senior officials and one entity associated with the Hezbollah-controlled financial institution Al-Qard Al-Hassan. (Reuters)
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First Post
04-07-2025
- Politics
- First Post
Weakened and exhausted, Hezbollah explores if it can give up more arms
Hezbollah has since relinquished a number of weapons depots in southern Lebanon to the Lebanese armed forces as stipulated in last year's truce, though Israel says it has struck military infrastructure there still linked to the group read more Women walk near destroyed buildings, with one holding the flag of Hezbollah, in the southern Lebanese village of Kfar Kila. File image/ Reuters Hezbollah has undertaken a comprehensive strategic assessment in the aftermath of its deadly conflict with Israel, which includes considering reducing its position as an armed force without entirely disarming, according to three individuals involved with the discussions. The internal negotiations, which have not yet been concluded and have not previously been disclosed, highlight the severe challenges that the Iran-backed Lebanese terrorist organisation has faced since a truce was agreed in late November. STORY CONTINUES BELOW THIS AD Israeli forces continue to target Hezbollah-controlled areas, accusing the organisation of cease-fire breaches, which it denies. It is also dealing with acute financial pressures, US demands for disarmament, and less political influence since a new government was formed in February with US backing. The group's difficulties have been exacerbated by seismic shifts in the regional power balance since Israel crushed its leadership, killed thousands of its militants, and destroyed much of its weapons last year. Bashar al-Assad, Hezbollah's Syrian ally, was overthrown in December, cutting off a vital weaponry supply line from Iran. A regional security source and a senior Lebanese official told Reuters that Tehran is now recovering from its own bruising battle with Israel, raising questions about how much help it can provide. Another senior insider, who is aware with Hezbollah's internal debates, said the party was conducting secret conversations about its future moves. Small committees have been meeting in person or remotely to discuss issues including its leadership structure, political role, social and development work, and weapons, the official said on condition of anonymity. The official and two other sources familiar with the discussions indicated Hezbollah has concluded that the arsenal it had amassed to deter Israel from attacking Lebanon had become a liability. Hezbollah 'had an excess of power,' the official said. 'All that strength turned into a weak point.' Under the leadership of Hassan Nasrallah, who was killed last year, Hezbollah grew into a regional military player with tens of thousands of fighters, rockets and drones poised to strike Israel. It also provided support to allies in Syria, Iraq and Yemen. STORY CONTINUES BELOW THIS AD Israel came to regard Hezbollah as a significant threat. When the group opened fire in solidarity with its Palestinian ally Hamas at the start of the Gaza war in 2023, Israel responded with airstrikes in Lebanon that escalated into a ground offensive. Hezbollah has since relinquished a number of weapons depots in southern Lebanon to the Lebanese armed forces as stipulated in last year's truce, though Israel says it has struck military infrastructure there still linked to the group. Hezbollah is now considering turning over some weapons it has elsewhere in the country - notably missiles and drones seen as the biggest threat to Israel - on condition Israel withdraws from the south and halts its attacks, the sources said. But the group won't surrender its entire arsenal, the sources said. For example, it intends to keep lighter arms and anti-tank missiles, they said, describing them as a means to resist any future attacks. Hezbollah's media office did not respond to questions for this article. STORY CONTINUES BELOW THIS AD Isreal's military said it would continue operating along its northern border in accordance with the understandings between Israel and Lebanon, in order eliminate any threat and protect Israeli citizens. The US State Department declined to comment on private diplomatic conversations, referring questions to Lebanon's government. Lebanon's presidency did not respond to questions. For Hezbollah to preserve any military capabilities would fall short of Israeli and US ambitions. Under the terms of the ceasefire brokered by the US and France, Lebanon's armed forces were to confiscate 'all unauthorized arms', beginning in the area south of the Litani River - the zone closest to Israel. Lebanon's government also wants Hezbollah to surrender the rest of its weapons as it works to establish a state monopoly on arms. Failure to do so could stir tensions with the group's Lebanese rivals, which accuse Hezbollah of leveraging its military might to impose its will in state affairs and repeatedly dragging Lebanon into conflicts. All sides have said they remain committed to the ceasefire, even as they traded accusations of violations. STORY CONTINUES BELOW THIS AD Part of Hezbollah's 'DNA' Arms have been central to Hezbollah's doctrine since it was founded by Iran's Islamic Revolutionary Guard Corps to fight Israeli forces who invaded Lebanon in 1982, at the height of the 1975-1990 Lebanese civil war. Tensions over the Shi'ite Muslim group's arsenal sparked another, brief civil conflict in 2008. The United States and Israel deem Hezbollah a terrorist group. Nicholas Blanford, who wrote a history of Hezbollah, said that in order to reconstitute itself, the group would have to justify its retention of weapons in an increasingly hostile political landscape, while addressing damaging intelligence breaches and ensuring its long-term finances. 'They've faced challenges before, but not this number simultaneously,' said Blanford, a fellow with the Atlantic Council, a US think tank. A European official familiar with intelligence assessments said there was a lot of brainstorming underway within Hezbollah about its future but no clear outcomes. The official described Hezbollah's status as an armed group as part of its DNA, saying it would be difficult for it to become a purely political party. STORY CONTINUES BELOW THIS AD Nearly a dozen sources familiar with Hezbollah's thinking said the group wants to keep some arms, not only in case of future threats from Israel, but also because it is worried that Sunni Muslim jihadists in neighbouring Syria might exploit lax security to attack eastern Lebanon, a Shi'ite-majority region. Despite the catastrophic results of the latest war with Israel - tens of thousands of people were left homeless and swathes of the south and Beirut's southern suburbs were destroyed - many of Hezbollah's core supporters want it to remain armed. Um Hussein, whose son died fighting for Hezbollah, cited the threat still posed by Israel and a history of conflict with Lebanese rivals as reasons to do so. 'Hezbollah is the backbone of the Shi'ites, even if it is weak now,' she said, asking to be identified by a traditional nickname because members of her family still belong to Hezbollah. 'We were a weak, poor group. Nobody spoke up for us.' STORY CONTINUES BELOW THIS AD Hezbollah's immediate priority is tending to the needs of constituents who bore the brunt of the war, the sources familiar with its deliberations said. In December, Secretary General Naim Qassem said Hezbollah had paid more than $50 million to affected families with more than $25 million still to hand out. But there are signs that its funds are running short. One Beirut resident said he had paid for repairs to his apartment in the Hezbollah-controlled southern suburbs after it was damaged in the war only to see the entire block destroyed by an Israeli airstrike in June. 'Everyone is scattered and homeless. No one has promised to pay for our shelter,' said the man, who declined to be identified for fear his complaints might jeopardise his chances of receiving compensation. He said he had received cheques from Hezbollah but was told by the group's financial institution, Al-Qard Al-Hassan, that it did not have funds available to cash them. Reuters could not immediately reach the institution for comment. STORY CONTINUES BELOW THIS AD Other indications of financial strain have included cutbacks to free medications offered by Hezbollah-run pharmacies, three people familiar with the operations said. Squeezing Hezbollah finances Hezbollah has put the onus on Lebanon's government to secure reconstruction funding. But Foreign Minister Youssef Raji, a Hezbollah critic, has said there will be no aid from foreign donors until the state establishes a monopoly on arms. A State Department spokesperson said in May that, while Washington was engaged in supporting sustainable reconstruction in Lebanon, 'this cannot happen without Hezbollah laying down their arms'. Israel has also been squeezing Hezbollah's finances. The Israeli military said on June 25 that it had killed an Iranian official who oversaw hundreds of millions of dollars in transfers annually to armed groups in the region, as well as a man in southern Lebanon who ran a currency exchange business that helped get some of these funds to Hezbollah. Iran did not comment at the time, and its U.N. mission did not immediately respond to questions from Reuters. Since February, Lebanon has barred commercial flights between Beirut and Tehran, after Israel's military accused Hezbollah of using civilian aircraft to bring in money from Iran and threatened to take action to stop this. Lebanese authorities have also tightened security at Beirut airport, where Hezbollah had free rein for years, making it harder for the group to smuggle in funds that way, according to an official and a security source familiar with airport operations. Such moves have fuelled anger among Hezbollah's supporters towards the administration led by President Joseph Aoun and Nawaf Salam, who was made prime minister against Hezbollah's wishes. Alongside its Shi'ite ally, the Amal Movement, Hezbollah swept local elections in May, with many seats uncontested. The group will be seeking to preserve its dominance in legislative elections next year. Nabil Boumonsef, deputy editor-in-chief of Lebanon's Annahar newspaper, said next year's poll was part of an 'existential battle' for Hezbollah. 'It will use all the means it can, firstly to play for time so it doesn't have to disarm, and secondly to make political and popular gains,' he said.
UPI
04-07-2025
- Business
- UPI
U.S. sanctions 7 senior leaders at Hezbollah-linked Al-Qard Al-Hasan
Debris lies at the site of a damaged branch of Al-Qard al-Hasan, a financial institution linked to Lebanon's Hezbollah in the aftermath of Israeli airstrikes on Sunday that hit several branches of the institution, in Beirut suburbs, Lebanon, on Monday, Oct. 21, 2024. File Photo by Fadel Itani/ UPI | License Photo July 4 (UPI) -- The United States has sanctioned seven senior officials and one firm linked to Al-Qard Al-Hasan, a U.S.-designated, Hezbollah-controlled financial institution that came under attack last fall during Israel's war against the Iran-proxy militia in Lebanon. Thursday's sanctions are the latest in a series by the U.S. Treasury targeting Hezbollah and follow U.S. actions against various revenue-generating operations of the militia during Israel's war against Hamas, another Iran-backed group, in Gaza, which began in October 2023. Al-Qard Al-Hasan was blacklisted by the U.S. Treasury in July 2007, and its group of so-called shadow bankers in Lebanon was sanctioned in 2021. On Thursday, the Treasury sanctioned Nehme Ahmad Jamil, 54, and his Tashilat SARL company he co-owns with Ahmad Mohamad Yazbeck, who was among the shadow bankers designated nearly five years ago. Other senior officers at Al-Qard Al-Hasan sanctioned Thursday include Issa Hussein Kassir, 47, Samer Hasan Fawaz, 50, Imad Mohamad Bezz, 47, Ali Mohamad Karnib, 38, Ali Ahmad Krisht, 47, and Mohammed Suleiman Badir, 49. According to the U.S. Treasury, these designations aim to disrupt Hezbollah's sanctions-evasion schemes and help the Lebanese government curb the group's influence. "Through their roles at AQAH, these officials sought to obfuscate Hezbollah's interest in seemingly legitimate transactions at Lebanese financial institutions, exposing these banks to significant AML/CFT risk while allowing Hezbollah to funnel money for its own benefit," Deputy Secretary Michael Faulkender said in a statement. "As Hezbollah seeks money to rebuild its operations, Treasury remains strongly committed to dismantling the group's financial infrastructure and limiting its ability to reconstitute itself." Hezbollah became involved in the Israel-Gaza war a day after it began, launching rockets into northern Israel. In October, with much of Gaza destroyed and tens of thousands of Palestinians killed, Israel intensified its attacks against Hezbollah in Lebanon, launching ground and artillery operations, seeking to eradicate the militant group in order to prevent it from further attacking Israel. Among its targets was Al-Qard Al-Hasan, with dozens of its branches destroyed in Beirut's southern suburbs and southern and eastern Lebanon.
Express Tribune
04-07-2025
- Business
- Express Tribune
US imposes sanctions targeting Iran oil trade
The US imposed sanctions on Thursday against a network that smuggles Iranian oil disguised as Iraqi oil, and on a Hezbollah-controlled financial institution, the Treasury Department said. A network of companies run by Iraqi-British national Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil disguised as, or blended with, Iraqi oil since at least 2020, the department said. "Treasury will continue to target Tehran's revenue sources and intensify economic pressure to disrupt the regime's access to the financial resources that fuel its destabilizing activities," Treasury Secretary Scott Bessent said. The US has imposed waves of sanctions on Iran's oil exports over its nuclear program and funding of militant groups across the Middle East.
