OFAC Sanctions More Syrians

Treasury’s Office of Foreign Assets Control (OFAC) has announced sanctions against 26 entities and individuals linked to the Syrian conglomerate Al-Qatirji Company. The company is accused of generating substantial revenue for Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Yemen's Houthi movement through the sale of Iranian oil.

The Al-Qatirji Company, previously designated for facilitating oil transactions between the Syrian regime and ISIS, has become a crucial financial channel for the IRGC-QF, OFAC revealed. The Treasury's expanded sanctions aim to disrupt this revenue stream. “Iran increasingly relies on partners like Al-Qatirji to fund destabilizing activities in the region,” said Acting Under Secretary Bradley T. Smith.

The action is taken under Executive Order 13224, targeting entities supporting terrorist activities. The IRGC-QF, designated in 2007, is a known backer of multiple militant groups, while the Houthis were added to the list in 2024.

The Al-Qatirji Company is involved in shipping Iranian oil to Syria and the People’s Republic of China, using a fleet of vessels for this purpose. OFAC identified numerous ships and companies managing these operations, blocking their assets and prohibiting U.S. transactions with them.

Hussam Al-Qatirji, who assumed leadership of the company in 2024, and other executives were also designated for supporting IRGC-QF activities. This move blocks their assets and imposes sanctions on any entities they control.

Treasury Announcement [Link}