US imposes fresh sanctions targeting Iran oil trade, Hezbollah

The United States of America has imposed waves of sanctions on Iran's oil exports over its nuclear program and funding of terrorist groups across the Middle East.

The development comes against a network that smuggles Iranian oil disguised as Iraqi oil, and on a Hezbollah-controlled financial institution, the US Treasury Department confirmed 

According to reports, a network of companies run by Iraqi-British Salim Ahmed is said to have been buying and shipping billions of dollars worth of Iranian oil disguised as or blended with Iraqi oil since at least 2020.

"Treasury will continue to target Tehran’s revenue sources and intensify economic pressure to disrupt the regime’s access to the financial resources that fuel its destabilizing activities.

"These sanctions come on Iran's oil exports and over its nuclear program and funding of terrorist groups. The US seek to monitor nuclear programs running under Iran, which seek to destabilise the Middle East region and the World at large." US Treasury further confirms

Thursday's sanctions came after the US carried out strikes on June 22 on three Iranian nuclear sites, including its most deeply buried Fordow plant. The Pentagon said on Wednesday the strikes had degraded Iran's nuclear program by up to two years, despite a far more cautious initial assessment that had leaked to the public.

However, the United States and Iran are expected to hold talks about their nuclear program next week in Oslo.

Late last year, some experts say oil smuggling networks generated at least $1 billion for Iran, a development which saw Iran's proxies flourishing.