US Treasury sanctions Lebanon based Hydro and Yara Offshore companies for ties to Hezbollah, IRGC Quds Force

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On Wednesday, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned three entities and one individual in Lebanon and Turkey for delivering essential financial support to an Iranian Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the Hezbollah financial network.

"Today's action underscores our resolve to prevent the IRGC-QF and its proxy terrorist groups from exploiting the international trading system to fund their destabilizing activities," said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson.

"The United States will continue to take action to expose and disrupt these illicit schemes," Nelson added.

The Lebanon-based Yara Offshore SAL (Yara) is a Hezbollah-affiliated company that facilitated large sales of Iranian commodities to the Syrian regime, which the latter paid millions of dollars to Yara.

"Yara also conducted transactions on behalf of US-designated Hezbollah and IRGC-QF front company Concepto Screen SAL, which OFAC previously designated under EO 13224, as amended, on May 25, 2022 because it was used by Muhammad Qasir and US-designated Hezbollah illicit finance team official Muhammad Qasim al-Bazzal to facilitate commercial transactions likely benefiting the IRGC-QF and Hezbollah," said a press release.

Yara Offshore SAL is designated under EO 13224 "for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Hezbollah."

Lebanon-based Hydro Company for Drilling Equipment Rental (Hydro) was also designated under EO 13224 "for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, the IRGC-QF."

The company was involved in financing the IRGC-QF by facilitating the shipment of Iranian commodities worth hundreds of millions of dollars to Syria.

"Hydro operates under the direction of senior IRGC-QF officers and maintains commercial ties with US-designated Hezbollah and IRGC-QF front company Lebanon-based Concepto Screen SAL," the press release said.