US Imposes New Sanctions on Iran Oil Smuggling Network and Hezbollah-Linked Bank
US Sanctions Target Iran introduced new sanctions to crack down on a secret Iranian oil smuggling network and a Hezbollah-linked bank, the Treasury Department announced Thursday. This move is part of Washington’s ongoing strategy to block financial channels that fund Tehran’s destabilizing actions across the Middle East.
Oil Smuggling Network Uncovered
The Treasury says that Salim Ahmed Said, an Iraqi-British businessman, has been in charge of the smuggling network since at least 2020. His network mixed and renamed Iranian oil to make it look like Iraqi oil, using fake papers. Most of these shipments went through Iraq and the UAE, and they made billions for Iran and its allies.
Said runs VS Tankers, which used to be called Al-Iraqia Shipping Services & Oil Trading (AISSOT) and is based in the UAE. Even though he doesn’t have an official title, US officials say he still runs the company. They say that VS Tankers directly helps the Iranian government and the Islamic Revolutionary Guard Corps (IRGC), which the US calls a terrorist group.
The US also sanctioned multiple vessels linked to Said. These ships operate as part of Iran’s so-called “shadow fleet”, which dodges international sanctions by using fake identities and hidden routes to move oil illegally.
Treasury Secretary Scott Bessent reaffirmed the US stance, stating,We will continue targeting Tehran’s revenue sources and apply economic pressure to block the regime’s access to financing for its regional activities.”
HUS Sanctions Target Iran Hezbollah-Linked Bank Also Targeted
Washington also sanctioned Al-Qard Al-Hassan, a financial institution run by Hezbollah. The bank and its senior officials allegedly moved millions in hidden transactions that helped Hezbollah avoid detection while financing its operations.
These sanctions come shortly after the US launched airstrikes on June 22 against three Iranian nuclear sites, including the Fordow enrichment facility. Pentagon sources claim the strikes set back Iran’s nuclear program by nearly two years.
