The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on networks involved in transporting and purchasing Iranian oil, which has reportedly benefited Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). Among those sanctioned is a network led by Iraqi businessman Salim Ahmed Said, who allegedly profited from smuggling Iranian oil disguised as Iraqi oil.
Secretary of the Treasury Scott Bessent stated, "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." He emphasized that the Treasury will continue targeting Tehran’s revenue sources to disrupt its access to financial resources.
This action is pursuant to Executive Order 13902 and marks the eighth round of sanctions targeting Iran's oil trade since the issuance of National Security Presidential Memorandum 2. The Department of State also designated six entities and identified four vessels under Executive Order 13846 for engaging in significant transactions involving Iranian petroleum products.
Salim Ahmed Said's network allegedly used ship-to-ship transfers and forged documentation to sell Iranian oil as Iraqi oil. His companies reportedly bribed Iraqi officials for forged vouchers allowing these sales. Said controls UAE-based VS Tankers FZE, which was previously known as Al-Iraqia Shipping Services & Oil Trading FZE (AISSOT), implicated in smuggling operations benefiting the IRGC.
VS Tankers-affiliated ships are said to have assisted in blending Iranian with Iraqi oil through ship-to-ship transfers. Additionally, VS Oil Terminal FZE manages storage tanks where such blending occurs before being sold on legitimate markets.
Said also owns UAE-based VS Petroleum DMCC and Rhine Shipping DMCC, both involved in similar activities. The U.S.-sanctioned MOLECULE tanker was managed by Rhine Shipping during transactions involving Iranian oil.
Iran's shadow fleet relies on non-sanctioned vessels for transporting petroleum products. Singapore-based Trans Arctic Global Marine Services PTE. LTD., facilitating services for these operations, is among those sanctioned.
Vessels like VIZURI, FOTIS, THEMIS, and BIANCA JOYSEL have been involved in shipping millions of barrels of Iranian oil. Their respective owners face designations under Executive Order 13902.
The IRGC-QF uses companies like Al-Qatirji Company for global oil sales generating significant revenue. Vessels ELIZABET and ATILA were involved in such transactions with Seychelles-based Grat Shipping Co Ltd managing ATILA’s operations.
All property related to these entities within U.S jurisdiction is blocked under OFAC regulations unless authorized otherwise. Violations may result in penalties or secondary sanctions against foreign financial institutions engaged with designated persons.
OFAC emphasizes that sanctions aim not at punishment but at encouraging positive behavioral changes while providing guidance on removal requests from their lists.
