US Expands Sanctions on Iranian Oil, Hezbollah

The United States has imposed new sanctions on Iranian oil smuggling networks and a Hezbollah-linked financial institution, escalating its maximum pressure campaign on Tehran. The sanctions target a network led by Iraqi businessman Salim Ahmed Said, accused of disguising Iranian oil as Iraqi and selling it to Western buyers with forged documents, generating billions for Iran since 2020. Several vessels involved in Iran's 'shadow fleet' transporting illicit oil shipments were also blacklisted. Entities in Iran's petrochemical industry and officials associated with Al-Qard Al-Hassan, a Hezbollah-controlled financial institution, were sanctioned for facilitating millions in concealed transactions. Despite these measures, Iranian crude exports to China remain strong, with shadow shipments generating nearly $1 billion in June alone. The U.S. asserts it will persist in using all means to disrupt revenue streams funding Iran and its proxies.