The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned 26 entities linked to the Al-Qatirji Company, a Syrian conglomerate. This company is accused of generating significant revenue for Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the Houthis by selling Iranian oil to Syria and China. The Al-Qatirji Company had previously been designated for facilitating fuel sales between the Syrian regime and ISIS.
Bradley T. Smith, Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence, stated, "Iran is increasingly relying on key business partners like the Al-Qatirji Company to fund its destabilizing activities and web of terrorist proxies across the region." He added that the Treasury would continue efforts to limit Iran's ability to profit from illicit activities.
This action follows Executive Order 13224, which targets entities providing support to terrorist groups. The IRGC-QF was designated under this order in 2007, while Ansarallah, known as the Houthis, received a similar designation in February 2024.
The Al-Qatirji Company exports millions of barrels of Iranian oil annually to finance IRGC-QF operations. It also provides substantial financial support to the Houthis. The company uses several vessels for transporting petroleum, including those flagged by Guyana, Iran, Palau, Panama, Barbados, and others.
Entities such as Salina Ship Management Pvt Ltd and Bluespectrum Shipping S.A., among others involved with these vessels, have also been designated under E.O. 13224 for supporting Al-Qatirji’s operations.
Hussam Bin Ahmed Rushdi Al-Qatirji now leads the company following Muhammad Al-Qatirji's death earlier this year. Hussam has met with senior IRGC-QF officials and other financial supporters.
All property related to these individuals or entities within U.S. jurisdiction must be blocked and reported to OFAC. Violations can result in civil or criminal penalties under strict liability standards enforced by OFAC regulations.
OFAC emphasizes that sanctions aim not just at punishment but at encouraging positive behavioral changes among sanctioned parties.
