Iranian oil smuggling network, consisting of individuals from the US, Iraq, and St. Kitts and Nevis, hits with a $300 million fine due to illicit activities.

In a bid to counter Iran's influence and curb its oil smuggling activities, the U.S. Treasury Department has imposed sanctions on an oil smuggling network led by Waleed Khaled Hameed al-Samarra'i. The network, which operates primarily in the Middle East, is accused of disguising Iranian crude as Iraqi oil to evade international sanctions.

The sanctions target al-Samarra'i and his network of shipping companies, including Babylon Navigation DMCC and Galaxy Oil FZ LLC, based in the United Arab Emirates. Nine Liberia-flagged vessels, the ADENA, LILIANA, CAMILLA, DELFINA, BIANCA, ROBERTA, ALEXANDRA, BELLAGIO, and PAOLA, are also included in the sanctions.

The scheme, as stated by the Treasury's Office of Foreign Assets Control, involves covertly blending Iranian oil with Iraqi crude through ship-to-ship transfers in the Arabian Gulf and at Iraqi ports. The mixed product is then marketed as purely Iraqi oil to circumvent international sanctions.

The sanctions aim to degrade the regime's ability to carry out attacks against the United States and its allies, and they freeze all U.S.-based assets of the designated individuals and entities. American citizens and companies are prohibited from conducting business with the network.

Foreign financial institutions risk secondary sanctions for facilitating transactions with the network. The sanctioned network is estimated to generate approximately $300 million annually for Iran and its partners.

This action by the Treasury builds on sanctions imposed in July, targeting a similar network led by Salim Ahmed Said. The sanctions are part of a "maximum economic pressure" campaign against Tehran, as outlined in Executive Order 13902.

Meanwhile, Iran's President Pezeshkian has signed a law suspending cooperation with the International Atomic Energy Agency (IAEA). This move comes amidst ongoing nuclear negotiations, with Turkey expressing support for Iran's nuclear negotiations, as stated by President Erdogan to Iran's President Pezeshkian at the SCO summit.

The region where these events take place is not explicitly mentioned in the provided paragraphs, but it can be inferred to be the Middle East due to the context of the oil smuggling network and the mentioned countries. The exact list of companies and ships involved in the Iran-Iraq oil scheming in the Arabian Sea and Iraqi ports remains unverified publicly.

The Treasury Secretary, Scott Bessent, stated that the United States is working to counter Iran's influence in Iraq. This latest action underscores the U.S.'s commitment to maintaining peace and stability in the region.