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Rudaw Net
10 hours ago
- Business
- Rudaw Net
US sanctions Iraqi network over Iranian oil smuggling
Also in World UN nuclear watchdog inspectors leave Iran Swedish gang leader arrested in Turkey Kurdistan's Zakho, Minnesota's Moorhead forge friendship pact US renews call on Baghdad to 'rein in' pro-Iran militia groups A+ A- ERBIL, Kurdistan Region - The US Treasury Department on Thursday imposed sanctions on an Iraqi network accused of smuggling 'billions of dollars' worth of Iranian oil', as well as a Lebanese Hezbollah-linked financial institution and its officials. In a statement, the department said it was 'taking action against networks that have collectively transported and purchased billions of dollars' worth of Iranian oil, some of which has benefited Iran's Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF), a designated Foreign Terrorist Organization.' The IRGC has been a dominant ideological and military institution vested heavily in Iran's economy, political structure, and regional proxy networks. The Quds Force is known for supplying and directing groups like the Lebanese Hezbollah, the Palestinian Hamas, and Shiite militia groups in Iraq, Syria, Lebanon, and Yemen. The sanctions target a group of companies allegedly run by Iraqi-British businessman Salim Ahmed Said, who is accused of disguising Iranian oil as Iraqi oil through fraudulent documentation and ship-to-ship transfers. 'Said's companies have been selling Iranian oil falsely declared as Iraqi oil since at least 2020,' the Treasury said, adding that the shipments were blended and routed through Iraq or the United Arab Emirates to reach Western buyers. 'This allows the oil to be sold on the legitimate market and helps Iran evade international sanctions on its oil exports.' The department further accused Said of bribing 'many members of key Iraqi government bodies, including parliament,' saying he paid millions of dollars in kickbacks in exchange for forged vouchers certifying the oil's origin as Iraqi. He is also said to control the UAE-based VS Tankers FZE while avoiding formal association with it. The sanctions follow US President Donald Trump's restoration of the maximum pressure policy against Iran in early February. Several vessels involved in the covert transport of Iranian oil were also sanctioned as part of what the department described as a move to intensify pressure on Iran's 'shadow fleet.' '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,' said Secretary of the Treasury Scott Bessent. The actions were taken under Executive Order 13902, which targets sectors of Iran's economy, including its petroleum and petrochemical industries, as well as under US counterterrorism authorities. The sanctions come after the recent 12-day war between Iran and Israel, during which the US struck key Iranian nuclear facilities. In a further move to pressure Tehran, Washington in March revoked a sanctions waiver that had allowed Iraq to purchase electricity from Iran. The department on Thursday also sanctioned several senior officials and one entity affiliated with the Hezbollah-linked financial institution al-Qard al-Hassan. The officials are accused of facilitating millions of dollars in transactions that ultimately benefited Hezbollah while concealing their involvement.
The National
15 hours ago
- Business
- The National
US imposes new sanctions against Iran oil trade and Lebanon's Hezbollah
The US has imposed new sanctions against a network that smuggles Iranian oil falsely presented 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 destabilising activities,' Treasury Secretary Scott Bessent said. The US has imposed layers of sanctions on Iran's oil exports over its nuclear programme and funding of militias across the Middle East. 'As President Trump has made clear, Iran's behaviour has left it decimated. While it has had every opportunity to choose peace, its leaders have chosen extremism,' added Mr Bessent. The Treasury Department also issued sanctions against seven senior officials and one entity linked to Al Qard Al Hassan (AQAH), a Hezbollah-controlled financial institution. The armed Hezbollah group is Iran's proxy in Lebanon. 'These officials, through their management roles, have facilitated Hezbollah's evasion of sanctions, enabling AQAH to conduct millions of dollars in transactions through 'shadow' accounts,' said State Department spokeswoman Tammy Bruce. This comes as the Trump administration intensifies efforts to pressure Tehran into returning to nuclear negotiations and to clamp down on its proxies across the region. The US 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 programme by up to two years, despite a far more cautious initial assessment that had leaked to the public. The US and Iran were expected to hold talks about its nuclear programme next week in Oslo, Axios reported. Said's companies and vessels blend Iranian oil with Iraqi oil, which is then sold to western buyers through Iraq or the Gulf as purely Iraqi oil using forged documentation to avoid sanctions, Treasury said. Said controls Gulf-based company VS Tankers, although he avoids formal association with it, the 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 organisation, it said. The sanctions block US assets of those designated and prevent Americans from doing business with them. Hezbollah trying to rebuild its operations The Lebanese armed group Hezbollah has been severely weakened following a year-long war with Israel that ended in November. The US Treasury said the new sanctions underscore a commitment to disrupting the group's sanctions evasion schemes and supporting efforts by the new Lebanese government to limit Hezbollah'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 [money laundering and terrorism financing] risk while allowing Hezbollah to funnel money for its own benefit,' said Deputy Secretary Michael Faulkender. '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,' he added. Hezbollah has long been described as a 'state within a state' in Lebanon, maintaining its own military, security and social infrastructure that operates independently of government control. It also runs a parallel financial system, receiving funding from Iran and various independent sources, while managing its finances outside official state institutions. Ms Bruce said that Washington remains committed to supporting Lebanon by disrupting schemes that empower Hezbollah's destabilising influence. 'We will continue to employ all available tools to ensure that this terrorist group no longer poses a threat to the Lebanese people and the region,' she said.
Arabian Post
18 hours ago
- Business
- Arabian Post
US Tightens Sanctions on Iran Oil Networks and Shadow Fleet
United States authorities have implemented a sweeping array of sanctions targeting companies, vessels and networks that facilitate clandestine oil exports from Iran. The Treasury's Office of Foreign Assets Control moved to freeze assets and prohibit transactions by an Iraqi-led smuggling group and its associated Iranian 'shadow fleet.' Simultaneously, the State Department added further designations aimed at restricting Tehran's access to critical oil revenues. The Treasury identified a complex smuggling operation orchestrated by Iraqi–British businessman Salim Ahmed Said, dating back to at least 2020. Said's firms specialise in blending Iranian crude with Iraqi oil before mislabelling shipments to evade sanctions. Vessels under his network, including tankers managed through UAE‑based VS Tankers FZE and VS Oil Terminal, have been instrumental in blending, ship‑to‑ship transfers and forging documentation to funnel oil into Western markets via Iraq or the UAE. The crackdown also zeroed in on vessels involved in covert logistics operations. Tankers flying flags of Panama, Comoros, Cameroon and the Marshall Islands—such as VIZURI, FOTIS, THEMIS, and BIANCA JOYSEL—have collectively shipped tens of millions of barrels of Iranian oil, often suspending their AIS transponders during transfers in international waters. ADVERTISEMENT Secretary of the Treasury Scott Bessent said the sanctions are emblematic of an 'eighth round' of measures targeting Iran's petroleum and petrochemical sectors under Executive Order 13902. He emphasised that these actions aim to deny Tehran 'the financial resources that fuel its destabilising activities'. Complementing this, the State Department designated six entities and four vessels under Executive Order 13846 for engaging in significant transactions involving Iranian petroleum, further amplifying legal consequences for those assisting Iran's oil trade. The sanctions coincide with U. S. airstrikes on Iran's nuclear infrastructure. While President Trump hinted that sanctions relief could follow if Iran adopts a peaceful trajectory, Treasury and State Department actions signal a contrasting posture of escalation and enforcement. Underpinning Tehran's tactics is what experts describe as a 'ghost fleet'—a web of shell companies, AIS manipulation and vessel flag‑hopping. This makes Iran's oil exports largely opaque and more difficult to police. The fleet's activities play a vital role in sustaining Iran's revenue streams, including funding for the Islamic Revolutionary Guard Corps‑Qods Force. In the financial markets, the tightening of oil sanctions resonated swiftly. West Texas Intermediate crude prices edged above US$67 per barrel on Friday, spurred by expectations of tighter exports. However, analysts also pointed to anticipated increased output from OPEC+ in August as likely to mitigate sharp price movements. Strategic observers say the latest round of sanctions is designed to maintain pressure on Tehran, even as broader diplomacy plays out. The U. S. has signalled its willingness to explore a new nuclear agreement, potentially including incentives such as civilian nuclear investment and sanctions relief, if Iran exhibits restraint and begins meaningful nuclear negotiations. Critics argue, however, that while sanctions may narrow Tehran's financial margins, they can deepen its reliance on illicit networks. Tehran's pivot toward China, Russia and regional allies could be reinforced, with the shadow fleet evolving in sophistication despite the just‑announced sanctions. Meanwhile, Iran's Deputy Foreign Minister Majid Takht‑Ravanchi has stated that Tehran will not initiate further strikes against the U. S., citing a preference for de‑escalation. He affirmed Iran's decision to respond proportionately to airstrikes but warned more aggressive engagement could provoke additional military, political or economic measures. As diplomatic channels remain open, including planned talks in Oslo on nuclear constraints, sanctions authorities appear committed to preventing revenue flows that could support nuclear expansion or proxy activity. The U. S. approach suggests a concerted strategy of merging military pressure, sanction enforcement and back‑channel diplomacy to reshape Iran's calculus.
Express Tribune
a day ago
- 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.
India Today
a day ago
- Business
- India Today
US slaps sanctions on Iran oil smuggling network fuelling Hezbollah and militants
The US Treasury Department on Thursday unveiled a fresh round of sanctions targeting a sophisticated oil smuggling operation and a Hezbollah-linked financial firm, intensifying efforts to choke off Iran's revenue streams that fuel "destabilising activities.""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 destabilising activities," Treasury Secretary Scott Bessent said in a statement announcing the the heart of the crackdown is a network allegedly controlled by Iraqi-British national Salim Ahmed Said, which has been buying and shipping billions of dollars' worth of Iranian oil disguised as Iraqi since at least 2020. The Treasury said the group operated a chain of companies that moved crude oil across borders, sidestepping international sanctions. A separate set of sanctions also targeted a financial institution tied to Hezbollah, the Iran-backed militant group designated as a terrorist organisation by the oil exports have been under severe restrictions due to Iran's nuclear ambitions and its support for proxy groups across the Middle to a 2023 Reuters investigation, a fuel-oil smuggling network flourishing in Iraq since 2022 generates at least $1 billion a year for Iran and its proxies — funds the US now seeks to sanctions came after the US 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 US and Iran are expected to hold indirect talks in Oslo next week to discuss Iran's nuclear programme — though tensions over oil smuggling, sanctions, and recent military actions could overshadow the dialogue.- EndsWith inputs from ReutersMust Watch
