US Sanctions Iranian Oil Smuggling Network And Hezbollah-Linked Financial Institution
The United States has imposed a new wave of sanctions targeting a sprawling business network accused of smuggling Iranian oil under the guise of Iraqi exports, as well as a Hezbollah-controlled financial entity.
The announcement, made on Thursday by the US Treasury Department, marks an intensification of Washington’s efforts to cripple Iran’s financial lifelines and restrict the flow of funds to militant organisations.
At the centre of the oil smuggling operation is Iraqi businessman Salim Ahmed Said, whose network of companies has allegedly been engaged in the purchase and shipment of billions of dollars’ worth of Iranian oil, falsely labelled or blended to appear as Iraqi crude.
According to the Treasury, the illicit trade has been ongoing since at least 2020, allowing Iran to skirt international sanctions and channel revenue toward its activities across the Middle East
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In a statement, Treasury Secretary Scott Bessent reaffirmed the United States’ commitment to curbing Tehran’s economic activities.
He 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.”
As part of the enforcement action, several vessels allegedly involved in covert oil transfers were also sanctioned. These tankers form part of Iran’s so-called “shadow fleet”—a clandestine network of ships used to evade sanctions and move oil surreptitiously across borders.
In a parallel move, the Treasury also sanctioned senior officials and one entity linked to Al-Qard Al-Hassan, a financial institution controlled by Hezbollah. The individuals were accused of facilitating millions of dollars in transactions that benefited the group while concealing its involvement, further raising concerns about Hezbollah’s access to illicit financial streams.
The latest sanctions underscore Washington’s continued strategy of economic pressure as a tool to disrupt both state-backed and non-state actors involved in regional destabilisation.
Melissa Enoch
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