US sanctions Iran-Iraq oil smuggling network tied to IRGC-Qods Force

The sanctions targeted companies linked to Iraqi-British businessman Salim Ahmed Said and expanding pressure on Iran’s petroleum trade and shadow fleet.

Said’s network, operating since at least 2020, used ship-to-ship transfers and forged documents to sell blended Iranian-Iraqi oil to global buyers, the Treasury 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,” said Secretary Scott Bessent.

The Treasury Department also sanctioned several vessels accused of secretly transporting Iranian oil, increasing pressure on Iran’s "shadow fleet," it said.

Several senior officials and one entity linked to the Iran-backed Hezbollah-controlled financial institution Al-Qard Al-Hassan was also targeted.

These officials conducted millions of dollars in transactions that ultimately benefited Hezbollah while concealing their involvement, according to the department.

This latest action, part of the US maximum pressure campaign on Iran, marks the eighth round of oil-trade-related sanctions since 2021.

All US-linked assets of the targeted entities are now frozen, and Americans are barred from dealings with them. The designations also expose foreign firms to secondary sanctions, heightening the cost of facilitating Iran’s oil trade.