US Treasury sanctions 22 entities for facilitating Iranian oil sales

Investing.com -- The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated 22 entities based in Hong Kong, the United Arab Emirates, and Türkiye for facilitating Iranian oil sales that benefit the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).

The action, taken Wednesday under Executive Order 13224, targets companies involved in Iran’s "shadow banking" infrastructure that helps circumvent sanctions.

"The Iranian regime relies heavily on its shadow banking system to fund its destabilizing nuclear and ballistic missile weapons programs, rather than for the benefit of the Iranian people," said Treasury Secretary Scott Bessent.

Among the sanctioned entities is Türkiye-based Pulcular Enerji, which purchased multiple shipments of Iranian oil worth hundreds of millions of dollars from IRGC-QF allocations in 2024. The company coordinated these purchases with Hizballah-owned oil brokerage Concepto Screen SAL Off-Shore and IRGC-QF officials.

The Treasury Department explained that the IRGC-QF uses front companies outside Iran to transfer hundreds of millions of dollars in profits from Iranian oil sales through offshore accounts. These funds are then funneled toward terrorist activities.

Hong Kong-based companies including Amito Trading Limited, Shelf Trading Limited, Cetto International Limited, Peakway Global Limited, and JTU Energy Limited were designated for facilitating payments related to these oil transactions.

The sanctions also target Golden Globe, a Türkiye-based company described as a cover for the Islamic Revolutionary Guard Corps’ oil headquarters, handling hundreds of millions of dollars in oil sales annually.

This marks the second round of sanctions targeting Iran’s shadow banking infrastructure since the President issued National Security Presidential Memorandum 2, directing a campaign of maximum pressure on Iran. On June 6, OFAC designated over 30 individuals and entities tied to Iranian brothers who collectively laundered billions of dollars.

As a result of these sanctions, all property and interests belonging to the designated persons that are in the United States or controlled by US persons are blocked and must be reported to OFAC. US persons are generally prohibited from engaging in transactions involving these blocked entities.

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