The United States has imposed sanctions on 22 companies accused of being linked to Iran’s Islamic Revolutionary Guard Corps Quds Force (IRGC-QF). These companies are based in Hong Kong, the United Arab Emirates (UAE), and Turkey, according to the Office of Foreign Assets Control (OFAC).
According to OFAC, which operates under the U.S. Department of the Treasury, Iran’s Quds Force earns hundreds of millions of dollars through illicit oil sales, using the funds to support weapons programs and various regional armed groups. To maintain this financial stream, they have been using numerous front companies and offshore accounts.
Among the sanctioned companies is Pulcular Energy, based in Turkey, which coordinated oil purchases with members of the Quds Force and agents linked to Hezbollah. The transactions for such deals were processed through Hong Kong-based companies Amito Trading and Picway Global.
Additionally, companies like ZTU Energy and Shelf Trading reportedly helped funnel oil revenue through prohibited Iranian exchange houses. Another Turkish company, Golden Globe Demir Celik, has also been identified as a front company in Iran’s oil trade and was sanctioned accordingly.
OFAC further noted that other Hong Kong-based companies, including Future Resource Trading and Mist Trading, were directly involved in selling Iranian oil and petrochemicals.
Regarding the sanctions, U.S. Treasury Secretary Scott Becent said, “Through this action, we aim to dismantle Iran’s financial web, which threatens the security of the Middle East. The United States remains committed to countering such illegal activities.”
Experts believe these sanctions could severely impact Iran’s foreign financial flows and may escalate geopolitical tensions in the Middle East.
