a day ago
US sanctions network for smuggling Iranian oil under Iraqi cover
Washington D.C. ( – The U.S. Department of the Treasury announced on Thursday (July 3, 2025) that it has imposed sanctions on a business network it accuses of smuggling billions of dollars' worth of Iranian oil by using an Iraqi legal cover.
The Treasury stated the network, allegedly run by Iraqi businessman Salim Ahmed Saeed, has been purchasing and shipping Iranian oil 'disguised as or mixed with Iraqi oil' since at least 2020. Several ships accused of being part of Iran's 'shadow fleet' were also sanctioned.
'The Treasury will continue to target Tehran's sources of income… to disrupt the regime's access to financial resources that fuel its destabilizing activities,' a statement from the department read. Separately, the Treasury also sanctioned senior officials and an entity linked to Hezbollah's financial institution, 'Al-Qard Al-Hasan.'
The announcement comes after Iraq's Oil Minister previously stated that Iran had forged documents using Iraq's name for oil shipments, and that the Iraqi government had informed Washington it was not responsible, noting that all official Iraqi shipments are monitored by satellite.
