September 6, 2021

OFAC designates persons and entities with links to oil smuggling network that supported Iran’s IRGC-QF

The US Department of the Treasury’s Office of Foreign Assets Control imposed sanctions on individuals and entities connected with an international oil smuggling network that supported the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) in Iran.  The designations issued by OFAC on August 13 2021, targeted Mahmood Rashid Amur Al Habsi, a foreign broker who partnered with senior officials in the IRGC-QF, and several of his companies that were used to support the shipment of Iranian oil to foreign customers.  Al Habsi was designated pursuant to Executive Order 13224, as amended, for providing material assistance to the IRGC-QF, a terrorist organization that was designated in 2007 under EO 13224 for supporting numerous terrorist groups.  Three companies directly or indirectly controlled by Al Habsi were also designated pursuant to EO 13224 as well as a Liberian-flagged crude oil tanker that was identified as property that had been used to transport Iranian oil.

As a result of these sanctions, all US property and interests in property belonging to designated individuals is blocked and transactions with these persons are generally prohibited.  In addition, any person who transacts with a designated person may themselves be exposed to sanctions, and any foreign financial institution that knowingly facilitates a significant transaction for a sanctioned person could sever their access to the US financial system.

Department of Treasury Press Release