The U.S. Treasury Department on Thursday announced a new round of sanctions targeting a sprawling oil smuggling operation linked to Iran and a financial institution controlled by Hezbollah, as Washington seeks to intensify pressure on Tehran and its regional allies.
The sanctions target a network of companies overseen by Iraqi businessman Salim Ahmed Said, which the Treasury says has illicitly traded billions of dollars’ worth of Iranian oil disguised as Iraqi crude since at least 2020. The scheme involved falsifying documentation and blending oil shipments to evade detection and international restrictions.
“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 Treasury Secretary Scott Bessent in a statement.
Several ships accused of transporting Iranian oil in violation of sanctions were also blacklisted, as part of a broader crackdown on Iran’s so-called “shadow fleet” — vessels used to move oil covertly across global markets.
In addition to the oil smuggling network, the Treasury imposed sanctions on Al-Qard Al-Hassan, a Hezbollah-linked financial institution already under scrutiny by U.S. officials. The new measures target one of its associated entities and multiple senior officials allegedly involved in laundering millions of dollars on behalf of the group, while concealing the funds’ ties to Hezbollah.
The latest sanctions are part of a broader U.S. campaign aimed at curbing Iran’s influence in the region and cutting off financial lifelines to armed proxy groups like Hezbollah.