The U.S. Department of the Treasury has imposed sanctions on a network of companies and individuals accused of smuggling billions of dollars’ worth of Iranian oil by forging documents and falsely labeling it as Iraqi oil. Additionally, a financial institution affiliated with Lebanon’s Hezbollah has also been targeted by these sanctions.
The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department stated that this smuggling network is led by Iraqi-British businessman Salim Ahmed Said. By blending Iranian oil with Iraqi oil, the network sold it to foreign buyers, primarily through the United Arab Emirates and Iraq, circumventing sanctions. Said allegedly bribed Iraqi officials to produce forged documents and also controls the companies VS Tankers and Oil Terminal, which played roles in smuggling oil and transferring foreign currency to Iran.
The sanctions are based on Executive Orders 13902 and 13224, which target the Iranian regime’s oil sector and terrorism-related activities. U.S. Treasury Secretary Scott Bessent emphasized that this move is part of a maximum pressure campaign to cut off the Iranian regime’s financial resources and weaken its destabilizing activities.
Simultaneously, the U.S. State Department has sanctioned six entities and four vessels involved in oil trade with Iran. Iran’s so-called “shadow fleet” uses unflagged, sanctioned ships to transport oil from Iran to Asia.
The Singapore-based company Trans Arctic Global Marine Services has also been sanctioned for assisting vessels of the National Iranian Tanker Company in navigating through the Strait of Malacca. Four vessels—VIZURI, FOTIS, THEMIS, and BIANCA JOYSEL—are reported to have transported millions of barrels of Iranian oil.
In the same context, the company Al-Qatirji has facilitated Iranian oil sales on behalf of the Quds Force of the Islamic Revolutionary Guard Corps (IRGC), generating hundreds of millions of dollars in revenue. Vessels such as ELIZABET, ATILA, and GAS MARYAM have participated in these operations by delivering Iranian oil to global markets under false identities.
In another part of the sanctions, the Treasury Department designated seven senior officials, and one company connected to Al-Qard al-Hassan, a financial institution affiliated with Hezbollah. Through their management roles, these individuals have enabled Hezbollah to access Lebanon’s financial system and evade U.S. sanctions. The move is in support of the new Lebanese government’s efforts to limit Hezbollah’s influence.
The company Tasheelat has also been sanctioned for its role in financing Hezbollah. All assets and transactions related to these individuals and entities within U.S. jurisdiction have been frozen, and any dealings with them are prohibited for U.S. citizens.
