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Treasury Dept.: US sanctions target Iran oil trade and Hezbollah

Treasury Department: The United States announced sanctions against a network of businessmen who smuggle Iranian oil under the guise of Iraqi oil. They also targeted a Hezbollah controlled financial institution.

Since at least 2020, the Department of State has said that the network of companies owned by Iraqi businessman Salim Ahmad Said have been purchasing and shipping billions in dollars of Iranian oil blended or disguised as Iraqi oil.

Treasury Secretary Scott Bessent stated that Treasury would continue to target Tehran’s revenue sources, and increase economic pressure in order to disrupt the regime’s access to financial resources which fuel its destabilizing actions.

Treasury Department sanctioned vessels accused of engaging covertly in Iranian oil delivery, increasing pressure on Iran's shadow fleet.

The Treasury Department has also sanctioned several senior officials, as well as an entity affiliated with Hezbollah-controlled Al-Qard Al-Hassan.

The department stated that the officials conducted transactions worth millions of dollars which ultimately benefited Hezbollah, but masked its true intentions.

(source: Reuters)