Treasury sanctions Hezbollah financiers, Iranian oil ‘shadow fleet’

Many of the Iranian “shadow fleet” entities that Treasury sanctioned on Thursday are companies owned by Salim Ahmed Said, an Iraqi businessman.

By JNS

The U.S. Treasury Department announced sanctions against seven senior Hezbollah officials, who it said have helped the terror organization evade sanctions in their roles at the financial institution Al-Qard Al-Hassan, and a company that one of them owns.

It also sanctioned one person and 21 companies and ships that it said are part of a “shadow fleet” that has “collectively transported and purchased billions of dollars’ worth of Iranian oil, some of which has benefited Iran’s Islamic Revolutionary Guard Corps-Qods Force, a designated foreign terrorist organization,” the department said on Wednesday.

“As President Trump has made clear, Iran’s behavior has left it decimated. While it has had every opportunity to choose peace, its leaders have chosen extremism,” stated Scott Bessent, the U.S. treasury secretary.

“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.”

Michael Faulkender, the deputy U.S. treasury secretary, stated that “through their roles at Al-Qard Al-Hassan, these officials sought to obfuscate Hezbollah’s interest in seemingly legitimate transactions at Lebanese financial institutions, exposing these banks to significant anti-money laundering and countering the financing of terrorism risk while allowing Hezbollah to funnel money for its own benefit.”

(Washington designated AQAH in 2007.)

“As Hezboallah seeks money to rebuild its operations, Treasury remains strongly committed to dismantling the group’s financial infrastructure and limiting its ability to reconstitute itself,” Faulkender said.

“Today’s action underscores Treasury’s commitment to disrupting Hezbollah’s sanctions evasion schemes and supporting efforts by the new Lebanese government to limit the terrorist group’s influence, particularly as entities like AQAH continue to undermine the already fragile Lebanese economy,” the department said of the terror group’s financers.

One of those sanctioned, Ali Mohamad Karnib, is a senior AQAH staffer who runs the institution’s purchase department. “ As of July 2024, Karnib oversaw the purchase of over 1,000 ounces of gold for AQAH,” the department said.

Many of the Iranian “shadow fleet” entities that Treasury sanctioned on Thursday are companies owned by Salim Ahmed Said, an Iraqi businessman, which have “profited from smuggling Iranian oil disguised as, or blended with, Iraqi oil,” per the department.

“Said has bribed many members of key Iraqi government bodies, including parliament,” the department said.

“He has reportedly paid millions of dollars in kickbacks to these officials in exchange for forged vouchers allowing him to sell Iranian oil as if it originated from Iraq.”

Said’s sanctioned companies are located in the United Arab Emirates, Iraq, United Kingdom, and Treasury designated a vessel of his flagged in the Marshall Islands.

The “shadow fleet” which was sanctioned includes companies based in Singapore, British Virgin Islands and Liberia, and vessels flagged in Cameroon, Comoros, Panama, Seychelles, Marshall Islands and Palau.