US takes aim at IRGC and Hezbollah financial networks with new sanctions

Treasury Department says selling of Iranian commodities is key source of funding for Quds Force and Hezbollah

Hezbollah fighters hold the group's flags during the funeral of a senior commander in Lebanon earlier this month. EPA

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The US on Wednesday sanctioned three organisations and one person in Lebanon and Turkey that it accused of providing financial support to Iran's Islamic Revolutionary Guard Corps' Quds Force and Hezbollah, the Treasury Department announced.

Washington said those sanctioned have sold hundreds of millions of dollars' worth of Iranian commodities, a key source of funding for the Quds Force and Hezbollah.

Yara Offshore Sal, a Lebanon-based organisation with Hezbollah ties, is accused of enabling sales of Iranian commodities to the Syrian government. Hydro Company for Drilling Equipment Rental, another Lebanon-based organisation, was also sanctioned for enabling the shipment of Iranian commodities to Syria.

Turkey-based Mira Ihracat Ithalat Petrol and its chief executive Ibrahim Talal Ul Uwayr, were also sanctioned for purchasing and transporting Iranian commodities on the global market, the Treasury Department said.

“Today’s action underscores our resolve to prevent the IRGC-QF and its proxy terrorist groups from exploiting the international trading system to fund their destabilising activities,” said Brain Nelson, undersecretary of the Treasury for terrorism and financial intelligence.

The measures prohibit any person or business from dealing with the sanctioned individuals in the US.

Wednesday's sanctions are the latest in a series of punitive measures the US has taken against Iran and its affiliated groups following the outbreak of the Israel-Gaza war.