The U.S. Treasury Department announced sweeping new sanctions Thursday targeting a business network accused of covertly exporting Iranian oil and a financial institution linked to Hezbollah. The sanctions are part of Washington’s broader campaign to choke off funding to Iran’s government and proxy groups amid heightened regional tensions and nuclear concerns.

Covert Oil Trade and Hezbollah’s Banking Arm Targeted

According to Treasury officials, the sanctioned network is led by Iraqi businessman Salim Ahmed Said and has smuggled billions of dollars’ worth of Iranian oil under the guise of Iraqi origin since at least 2020. Several vessels involved in these transactions were also blacklisted.

At the same time, the U.S. sanctioned multiple senior figures and an entity tied to Al-Qard Al-Hassan, Hezbollah’s de facto financial institution. The bank is accused of facilitating millions in transactions benefiting Hezbollah while concealing the sources and destinations of the funds.

“Treasury will continue to target Tehran’s revenue sources and intensify economic pressure to disrupt the regime’s access to financial resources that fuel its destabilizing activities,” said Treasury Secretary Scott Bessent.

The sanctions come just days before the U.S. is expected to hold nuclear talks with Iran in Oslo, signaling a dual-track approach of pressure and diplomacy. Washington hopes the talks will help de-escalate Iran’s uranium enrichment and restore some level of nuclear oversight.

Meanwhile, the new sanctions tighten enforcement against Iran’s so-called “shadow fleet,” a network of tankers used to circumvent international oil restrictions.