Treasury sanctions oil smuggling network members for helping Iran evade sanctions
The U.S. Treasury Department on Thursday sanctioned an international oil smuggling network for providing support to Hizballah and the Islamic Revolutionary Guard Quds force. The network used front companies to blend Iranian oil with Indian products to help conceal its origin and evade sanctions.
The treasury department says this helped bring in hundreds of millions of dollars in revenue for those organizations so they could enable their terrorist activities around the world.
The network that did all this used storage units in the United Arab Emirates to blend the oil, then created counterfeit certificates of origin and quality to transfer it for sale abroad.
The sanctioned entities include a number of shipping companies and their CEO’s. Now they are blocked from conducting business with the United States or anyone in the United States.