U.S. imposes sanctions on money laundering network aiding Iran's oil revenue generation

The United States imposed sanctions Wednesday on an international oil smuggling and money laundering network led by Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF) officials that has facilitated the sale of hundreds of millions of dollars' worth of Iranian oil for both the force and Hezbollah, the Treasury Department said.

This oil smuggling network has acted as a critical element of Iran's oil revenue generation, the department said in a statement.

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