Latest news with #OFAC
Yahoo
5 days ago
- Business
- Yahoo
Treasury Dept. designates 22 entities linked with selling Iranian oil for IRGC-QF
Refineries purchase Iranian oil, and then transfer payments to these front companies, who in turn, move funds to other front company accounts also controlled by IRGC-QF, OFAC stated. The US Treasury Department's Office of Foreign Assets Control (OFAC) designated 22 entities based in Hong Kong, the UAE, and Turkey, for facilitating the sale of Iranian oil that funds the Islamic Revolutionary Guard Corps Quds Force (IRGC-QF), the department announced on Wednesday. IRGC-QF leverages front companies outside of Iran, using "offshore accounts to transfer hundreds of millions of dollars in profits derived from Iranian oil sales to circumvent sanctions and funnel funds toward IRGC-QF terrorist activities," OFAC said. Refineries purchase Iranian oil, and then transfer payments to these front companies, who in turn, move funds to other front company accounts also controlled by IRGC-QF, OFAC stated. IRGC-QF uses these proceeds to fund weapons programs and support Iran's terror proxies across the Middle East. The IRGC-QF is Iran's most powerful terrorist force. "The Iranian regime relies heavily on its shadow banking system to fund its destabilizing nuclear and ballistic missile weapons programs, rather than for the benefit of the Iranian people,' Treasury Secretary Scott Bessent said. "Treasury remains focused on disrupting this shadowy infrastructure that allows Iran to threaten the United States and our allies in the region," he added. OFAC had previously designated over 30 individuals and entities tied to Iranian brothers who collectively laundered billions of dollars" through front companies for the Iranian regime, OFAC noted. These sanctioned entities had ties to the "Shadow Banking Network," which is involved in money laundering on behalf of Iran. The network has laundered billions of dollars through Iranian exchange houses and foreign front companies, according to OFAC. The Zarringhalam brothers and their associates used front companies based in the United Arab Emirates and Hong Kong to help certain Iranians generate revenue from the sale of petroleum and other commodities used to build nuclear weapons.
UPI
09-07-2025
- Business
- UPI
U.S. Treasury sanctions more than 20 entities for helping sell Iranian oil
U.S. Secretary of the Treasury Scott Bessent (pictured in the U.S. Capitol in Washington, D.C., in June) said the "Iranian regime relies heavily on its shadow banking system" to fund its military objectives. File Photo by Annabelle Gordon/UPI | License Photo July 9 (UPI) -- The Trump administration announced Wednesday it has designated more than 20 entities as complicit in the facilitation of selling Iranian oil, which funds a paramilitary force considered a foreign terrorist organization by the United States. The U.S. Department of the Treasury's Office of Foreign Assets Control, or OFAC, has designated 22 companies and individuals located in Hong Kong, Turkey and the United Arab Emirates as complicit in enabling the sale of the oil, which OFAC reports provides funding for the Islamic Revolutionary Guard Corps-Qods Force, or IRGC-QF. By way of front companies outside Iran, OFAC accuses the IRGC-QF of transferring hundreds of millions of dollars through offshore accounts to avoid sanctions and to fund "terrorist activities." Refineries that purchase Iranian oil then transfer payments to these front companies, which also move money to accounts that belong to IRGC-QF. Iran then reportedly uses the cash to fund both its weapons programs and support terrorist partners and proxies elsewhere in the Middle East. "The Iranian regime relies heavily on its shadow banking system to fund its destabilizing nuclear and ballistic missile weapons programs, rather than for the benefit of the Iranian people," said U.S. Treasury Secretary Scott Bessent in a press release. "[The] Treasury remains focused on disrupting this shadowy infrastructure that allows Iran to threaten the United States and our allies in the region." OFAC's action in regard to this activity falls under Executive Order 13224, first issued in 2001 by then-President George W. Bush, which "provides a means by which to disrupt the financial support network for terrorists and terrorist organizations by authorizing the U.S. government to designate and block the assets of foreign individuals and entities that commit, or pose a significant risk of committing, acts of terrorism." The IRGC-QF was designated a terrorist organization in 2007 for its supporting of terrorist organizations, as was the Islamic Revolutionary Guard Corps that same year for its support of IRGC-QF. Anyone who violates sanctions placed by the United States may face either criminal or civil penalties. U.S. Treasury Secretary Scott Bessent wrote in an X post Wednesday that "the Iranian regime relies heavily on its shadow banking system to fund its destabilizing nuclear and ballistic missile weapons programs, which threaten the United States and our allies in the region."
Shafaq News
09-07-2025
- Business
- Shafaq News
US sanctions 22 entities in 3 countries over IRGC ties
On Tuesday, the US Treasury Department imposed sanctions on 22 companies based in Hong Kong, the United Arab Emirates, and Turkiye for assisting the Iranian Revolutionary Guard Corps-Quds Force (IRGC-QF). According to the Office of Foreign Assets Control (OFAC), the IRGC-QF relies on front companies and offshore accounts to channel hundreds of millions of dollars from illicit oil sales, which are used to fund weapons programs and support affiliated groups in the region. Among the sanctioned entities is Turkiye-based Pulcular Enerji, which coordinated oil purchases with IRGC-QF operatives and Hezbollah -linked brokers. 'Payments for these deals were processed through Hong Kong-based companies, including Amito Trading and Peakway Global,' OFAC added. Other firms, such as JTU Energy and Shelf Trading, played roles in moving oil revenues through sanctioned Iranian exchange houses. OFAC also designated Turkiye-based Golden Globe Demir Celik for acting as a front for Iran's oil operations. Several Hong Kong-based companies, including Future Resource Trading and Mist Trading, were directly involved in the sale of Iranian oil and petrochemicals, according to US officials. Meanwhile, US Treasury Secretary Scott Bessent stated that the sanctions aim to disrupt Iran's financial networks, which support destabilizing activities across the region, and reaffirmed Washington's commitment to dismantling these systems.
India.com
04-07-2025
- Business
- India.com
Punishment for buying oil from Iran, US imposes sanctions on companies of India, Pakistan
New Delhi: The US has imposed sanctions on six companies and several ships involved in oil and petrochemical trade with Iran. These include one firm each from India and Pakistan. This action is part of the US policy under which it is trying to increase economic pressure on Iran. This information was given by the Office of Foreign Assets Control (OFAC) of the US State Department and the Treasury Department. Which companies have been sanctioned? Alliance Energy Private Limited, based in Lahore, Pakistan and India's Sai Saburi Consulting Services, based in New Delhi, have been sanctioned for their alleged role in the Iranian oil trade. According to OFAC, these companies were part of a network involved in secretly sending Iranian oil and petrochemical products, which violates US sanctions. Why are they sanctioned? These sanctions are part of US President Donald Trump's 'maximum pressure' policy, which aims to reduce Iran's oil exports to zero and limit its nuclear programme, ballistic missile development and regional influence. US Treasury Secretary Scott Bessant said, 'We will continue to target Iran's sources of revenue and disrupt its access to financial resources that fuel its destabilizing activities.' Pakistan's Alliance Energy Private Limited has already been blacklisted for violating US sanctions. Apart from this, United Arab Emirates (UAE), Iran and Panama based companies and their operated ships have also been targeted. Sai Saburi Consulting Services is accused of acting as the commercial manager of two LPG tankers, Bateleur and Nile, which were involved in transporting Iranian oil. What is Iran's shadow fleet? The US claims that Iran uses a 'shadow fleet' or 'dark fleet' to maintain its oil exports, which secretly transfer oil and petrochemical products. These ships often hide the origin of the oil through ship-to-ship transfers outside the territorial limits of ports. This type of trade mainly targets countries like China, which is Iran's largest oil buyer. US sanctions on Iran have been in place since the 1979 Islamic Revolution, but they intensified after the Trump administration withdrew from the Iran nuclear deal in 2018. The main purpose of these sanctions is to stop Iran's nuclear and missile programmes and reduce its support to regional terrorist groups. In recent months, these sanctions have become more stringent after attacks on Iran's nuclear facilities by Israel and the US.
Irish Independent
04-07-2025
- Business
- Irish Independent
Sanctions hamper €4bn liquidation of Irish-based GTLK firms
The companies were sanctioned by the US Department of Treasury's Office of Foreign Assets Control (OFAC). In 2023, the High Court ordered that GTLK Europe and GTLK Europe Capital be wound up. The companies were liquidated on foot of an application from their creditors, who were owed close to $180m (€153m). The largest unsecured creditor of GTLK Capital, and therefore the group, is its bondholders. The aggregate outstanding principal amount of bonds issued by the companies is $3.25bn. The two insolvent Irish firms controlled assets including about 70 jets and 19 sea-going vessels valued at about €4bn. It is the biggest ever liquidation in Ireland. The companies' activities were hit by sanctions imposed on Russian entities and individuals following the invasion of Ukraine. The firms are part of Russian joint stock company GTLK, which is wholly owned by the Russian government through its ministry of transport and ministry of finance. As of the end of May, the joint liquidators – Damien Murran and Julian Moroney, of Teneo's Dublin office – had secured just over €60m in realisations and 'second realisations' of €276.2m. There was €190.6m in cash on the books at the end of last month. While the joint liquidators said that 'substantial progress' was made following their appointment to secure necessary licences and permissions from various national regulators to perform the primary tasks of the liquidation, the narrowness of the licence from the OFAC has slowed their work. 'The limitations of the licence have resulted in considerably more time being devoted to standard process tasks,' they said in a liquidation report filed this week. 'Simple matters, such as the collection of cash receipts, have become arduous tasks taking more time than reasonably expected. 'The limitations have also gone further, impacting strategic delivery. For example, in isolated instances interested parties have withdrawn from sales processes.' The liquidators said that in order to address these issues, they have filed about 17 further applications with the OFAC for additional licences. 'However, these are taking time to obtain responses,' they note. 'A delisting application to remove GTLK Europe, GTLK Capital and GTLKE Middle East FZCO from the US sanctioned entities list was filed on behalf of the joint liquidators with the US State Department in May 2024,' the latest report adds. 'The ongoing practical challenges in the liquidation as a result of sanctions experienced over the last number of months highlight the significant value that a successful OFAC delisting would garner for the estate in mitigating certain regulatory delays. 'However, similar to the OFAC licence applications, it is taking time to obtain responses on this delisting application.' The liquidators said they are making 'significant progress' in the liquidation of GTLK Europe and the realisation of interests in its subsidiaries, 'which will ultimately translate into recoveries for the benefit of the company creditors'.
