US sanctions Iraqi network over Iranian oil smuggling

Rudaw Net

3 days ago

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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.