- EURASIAREVIEW.COM - A la une - 03/Jul 22:43

US Targets Diverse Networks Facilitating Iranian Oil Trade

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) said Thursday it is taking action against networks that have collectively transported and purchased billions of dollars’ worth of Iranian oil, some of which has benefited Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), a designated Foreign Terrorist Organization.  Among the entities sanctioned Thursday is a network of companies run by Iraqi businessman Salim Ahmed Said (Said) that has profited from smuggling Iranian oil disguised as, or blended with, Iraqi oil. Treasury is also sanctioning several vessels engaged in the covert delivery of Iranian oil, intensifying pressure on Iran’s “shadow fleet.” “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,” said Secretary of the Treasury Scott Bessent. “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.” Thursday’s action is being taken pursuant to Executive Order (E.O.) 13902, which targets those operating in certain sectors of the Iranian economy, including Iran’s petroleum and petrochemical sectors, as well as the counterterrorism authority E.O. 13224, as amended. It marks the eighth round of sanctions targeting Iran’s oil trade since the President issued National Security Presidential Memorandum 2, directing a campaign of maximum pressure on Iran. Concurrently, the Department of State is designating six entities and identifying four vessels pursuant to E.O. 13846 for having knowingly engaged in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran. IRAN-IRAQ OIL SMUGGLING NETWORK Iraqi-British national Salim Ahmed Said (Said) runs a network of companies that have been selling Iranian oil falsely declared as Iraqi oil since at least 2020. Said’s companies use ship-to-ship transfers and other obfuscation techniques to hide their activities. Said’s companies and vessels blend Iranian oil with Iraqi oil, which is then sold to Western buyers via Iraq or the United Arab Emirates (UAE) as purely Iraqi oil using forged documentation to avoid sanctions. This allows the oil to be sold on the legitimate market and helps Iran evade international sanctions on its oil exports. Said has bribed many members of key Iraqi government bodies, including parliament. 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 is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. Said controls UAE-based company VS Tankers FZE (VS Tankers), despite avoiding formal association with the company. Formerly known as Al-Iraqia Shipping Services & Oil Trading FZE (AISSOT), VS Tankers has smuggled oil for the benefit of the Iranian government and the Islamic Revolutionary Guard Corps (IRGC). For example, in 2020, AISSOT reportedly brokered a deal to transport Iranian oil via Iraqi pipelines to be blended and sold as Iraqi oil. VS Tankers-affiliated ships have assisted Iranian oil exporters in blending Iranian oil with Iraqi to obscure the oil’s origins by engaging in ship-to-ship transfers with vessels known to be affiliated with Iranian oil activities. VS Tankers currently claims several oil tankers as part of its fleet, one of which recorded four ship-to-ship transfers with the U.S. sanctioned, Barbados-flagged CASINOVA (IMO 9280366) in April 2024 while located in the Persian Gulf near the mouth of the Shatt al-Arab river, which marks the border between Iraq and Iran. VS Tankers has served as the operator, manager, and beneficial owner of the Marshall Islands-flagged crude oil tanker DIJILAH (IMO 9829629) since 2019. VS Tankers is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. DIJILAH is being identified pursuant to E.O. 13902 as property in which VS Tankers has an interest. In 2023, Said expanded his business holdings to include VS Oil Terminal FZE (VS Oil), which, though registered in the UAE, has its physical presence in Khor al-Zubayr, Iraq. VS Oil manages six oil storage tanks where Iranian oil is dropped off to be mixed with Iraqi oil. Vessels carrying Iranian oil also conduct ship-to-ship transfers with vessels carrying Iraqi oil in the vicinity of VS Oil’s terminal facilities, and the blended oil is ultimately authenticated by complicit Iraqi government officials. Vessel tracking data shows that multiple oil tankers known to transport Iranian petroleum products on behalf of U.S.-sanctioned Iranian oil and petrochemical broker Triliance Petrochemical Co. Ltd. and Iranian military front company Sahara Thunder have visited VS Oil. VS Oil employees smuggle hard currency into Iran via cars and trucks, some of which carry millions of dollars each, as payment for oil. VS Oil is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. Said also owns UAE-based VS Petroleum DMCC, formerly Ikon Petroleum DMCC, and Rhine Shipping DMCC (Rhine Shipping) which, in 2022, were implicated in blending Iranian oil to sell as Iraqi oil. Rhine Shipping was also previously exposed as the manager of the U.S.-sanctioned oil tanker MOLECULE, formerly named BABEL, which loaded oil in the Persian Gulf from an Iranian tanker that had turned off its location transponder to obfuscate the transaction. OFAC subsequently sanctioned the MOLECULE for its role in shipping Iranian oil as part of the network of Iran-backed Houthi financial official Sa’id al-Jamal. Said also owns United Kingdom-based companies The Willett Hotel Limited and Robinbest Limited. VS Petroleum DMCC, Rhine Shipping, The Willett Hotel Limited, and Robinbest Limited are being designated pursuant to E.O. 13902 for being owned or controlled by, directly or indirectly, Said. SHADOW FLEET ACTORS Iran’s shadow fleet enables the regime to transport its petroleum to generate revenue. Iran relies on non-sanctioned vessels to conduct ship-to-ship transfers and receive Iranian oil from sanctioned vessels before shipping the Iranian-origin cargo to buyers in Asia. The National Iranian Tanker Company (NITC) uses Singapore-based Trans Arctic Global Marine Services PTE. LTD. (Trans Arctic Global) to arrange piloting services for NITC vessels transiting through the Strait of Malacca. Trans Arctic Global has enabled NITC to transport tens of millions of barrels of Iranian oil through the Strait of Malacca for eventual ship-to-ship transfers to vessels waiting in the Singapore Eastern Outer Port Limits. Trans Arctic Global is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. The Cameroon-flagged VIZURI (IMO 9197909), Comoros-flagged FOTIS (IMO 9306548), and Panama-flagged THEMIS (IMO 9264570) and BIANCA JOYSEL (IMO 9196632), have collectively shipped tens of millions of barrels of Iranian oil and other petroleum worth billions of dollars. Since mid-2023, the VIZURI has completed multiple shipments of Iranian oil and transported millions of barrels of Iranian oil. Panama-flagged liquified petroleum gas carrier (LPG) FOTIS has transported millions of barrels of Iranian LPG and other petroleum to multiple locations. Panama-flagged THEMIS, which was sanctioned by the United Kingdom on May 9, 2025 for transporting Russian oil, has also transported Iranian oil. Seychelles-based Egir Shipping Ltd, and Marsh...