The US Department of the Treasury‘s Office of Foreign Assets Control (OFAC) has sanctioned three entities and one individual in Lebanon and Turkey for providing crucial financial support to the Iranian Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the Hezbollah financial network.
Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson emphasized the resolve to prevent these groups from exploiting the international trading system for their destabilizing activities.
Lebanon-based Yara Offshore SAL, an affiliated company of Hezbollah, facilitated significant sales of Iranian commodities to the Syrian regime, receiving millions of dollars in return. Yara also conducted transactions on behalf of US-designated Hezbollah and IRGC-QF front company Concepto Screen SAL.
Another Lebanese company, Hydro Company for Drilling Equipment Rental, was designated under EO 13224 for providing material assistance to the IRGC-QF. It was involved in financing the IRGC-QF by facilitating the shipment of Iranian commodities worth hundreds of millions of dollars to Syria.
Both Yara Offshore SAL and Hydro Company for Drilling Equipment Rental have been designated for materially assisting, sponsoring, or providing financial support to Hezbollah and the IRGC-QF.
Related: U.S. Treasury Delegation Urged Lebanon To Increase Returns To Depositors
