US sanctions network smuggling Iranian oil diguised as Iraqi: What to know
The move come on the heels of the E3’s push to reimpose UN sanctions on Iran.
WASHINGTON — The US Treasury Department imposed sanctions Tuesday on a network of shipping companies and vessels transporting Iranian oil disguised as Iraqi oil.
The network, led by Iraqi-Kittitian businessman Waleed al-Samarra’i, has generated hundreds of millions of dollars in revenue for both the Iranian regime and al-Samarra’i himself, according to a Treasury news release. Under the alleged scheme, the illicit Iranian oil is covertly blended with Iraqi oil and then marketed as solely of Iraqi origin to circumvent sanctions.
Treasury Secretary Scott Bessent described the sanctions as an effort to undermine Iran's ability to generate oil revenue used to finance attacks on the United States and its allies.
“We remain committed to an oil supply free from Iran and will continue our efforts to disrupt the ongoing attempts by Tehran to evade US sanctions,” Bessent said in a statement.
