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On July 3, just days after conducting airstrikes on Iran's nuclear facilities, the United States imposed new sanctions targeting a network of businesses, vessels, and individuals involved in the smuggling of Iranian oil. These sanctions aim to disrupt the flow of funds that the U.S. alleges Iran uses to finance terrorism. Both the U.S. Treasury and State Department were behind these new measures.
The Treasury Department specifically focused on a group of companies that have been buying and transporting billions of dollars' worth of Iranian oil, often disguising it as oil from Iraq. The department stated that these firms employed forged documents and mixed oils to create the illusion that the shipments originated from Iraq, enabling them to sell the product to Western consumers.
A significant figure in this operation is Salim Ahmed Said, an Iraqi-British businessman. The Treasury reported that his network has been engaged in oil smuggling since at least 2020. One of the companies under his control, VS Tankers, operates out of the UAE and was previously known as Al-Iraqia Shipping Services Oil Trading (AISSOT). U.S. officials claim that Said manages this company behind the scenes.
VS Tankers and its affiliates have been instrumental in smuggling oil to benefit the Iranian government and the Islamic Revolutionary Guard Corps-Qods Force, which the U.S. considers a terrorist organization. The Treasury noted that some proceeds from these oil sales have directly funded this military unit.
In addition to these measures, the State Department announced sanctions against six more companies and identified four vessels that have assisted Iran in exporting its oil. These ships were involved in transferring oil from Iranian vessels while concealing the actual origin of the cargo. The U.S. stated that these operations were intended to help Iran evade sanctions and maintain its oil sales in global markets.
The Treasury and State Departments indicated that they are acting under National Security Presidential Memorandum 2, which mandates efforts to exert maximum pressure on Iran's regime. Treasury Secretary Scott Bessent commented that the department would continue working to cut off Tehran's access to the funds it uses to carry out destabilizing activities.
The new sanctions will freeze all U.S.-based assets of the targeted individuals and companies and prohibit Americans from engaging in business with them. This action follows recent U.S. military airstrikes on June 22 that targeted three significant nuclear sites in Iran, one of which was the Fordow facility, known for its deep underground operations. The Pentagon reported that these strikes could potentially extend Iran's nuclear program timeline by up to two years, a more aggressive estimate than previously leaked information.
Despite the military actions, President Donald Trump has recently suggested that he might consider easing some sanctions in the future. After claiming the airstrikes had effectively destroyed Iran's nuclear capabilities, he hinted that China could be allowed to continue purchasing oil from Iran. While remaining critical of Iran's Supreme Leader, he indicated that some relief could be possible if Iran opts for peace.
According to Axios, U.S. and Iranian officials are expected to meet next week in Oslo to discuss the nuclear situation. Additionally, the U.S. Treasury imposed sanctions on a financial institution linked to Hezbollah called Al-Qard Al-Hassan. Several senior officials and one associated entity were sanctioned for conducting millions of dollars in secret transactions that ultimately benefited Hezbollah. These financial activities were crafted to obscure Hezbollah's involvement and make the transfers appear legitimate.
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