World

US unveils expenses, seizures linked to Iranian oil network

2024.02.02 14:12



(Reuters) -The U.S. Department of Justice (DOJ) on Friday introduced terrorism and sanctions-evasion expenses and seizures linked to a billion-dollar oil trafficking network that it says funds Iran’s Islamic Revolutionary Guard Corps (IRGC).

“The Department of Justice’s actions are critical to stemming the flow of money that Iran uses to engage in activities that threaten people inside the United States, as well as our interests across the world,” a senior DOJ official advised reporters in a name earlier than the unsealing of the fees in two federal courts.

The DOJ seized greater than $108 million that it mentioned China Oil & Petroleum Company Limited, which it referred to as an IRGC entrance firm, tried to launder by means of accounts at U.S. monetary establishments. The division mentioned greater than 500,000 barrels of Iran’s sanctioned oil had been additionally seized.

Seven defendants, together with Morteza Rostam Ghasemi, who’s the son of a IRGC commander and Iranian petroleum minister, and an Iranian transport official had been charged in reference to these seizures.

Iran’s crude exports and oil output hit new highs in 2023 regardless of U.S. sanctions. In January, China’s oil commerce with Iran stalled as Tehran withheld shipments and demanded larger costs from its prime shopper, tightening low-cost provide for the world’s greatest crude importer. Iranian oil makes up some 10% of China’s crude imports.

“The cases that we’re announcing are targeting players on both sides, both the supply and demand side” of sanctioned Iranian oil,” the DOJ official mentioned.

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