US Treasury sanctions Iranian conglomerate of holding companies

New York — The US Treasury Department Nov. 18 leveled sanctions against Iran's Islamic Revolution Mostazafan Foundation, a conglomerate of holdings in Iran's economy, including the energy sector.

The organization, referred to as Bonyad Mostazafan, acts as a charity, but uses its holdings to enrich Iran's Supreme Leader Ali Khamenei, "reward his political allies, and persecute the regime's enemies," Treasury said in a press release.

Treasury also targeted Mahmoud Alavi, Iran's minister of intelligence and security.

Iran's oil exports are already under intense US sanctions pressure, and recent moves by the Trump administration have been seen as an attempt to harden its policy ahead of a Joe Biden White House.

On Oct. 26, Treasury leveled sanctions across the entire Iranian oil sector, including the oil ministry, oil minister, state-owned oil company and shipping company.

Analysts expect a Biden White House to quickly return to the negotiating table with Tehran. S&P Global Platts Analytics predicts 1.5 million b/d of Iranian exports could return to the market within a year of a new deal that removes US oil sanctions.

Treasury targeted seven Bonyad Mostazafan holding companies Nov. 18, including Sina Energy Development Company (SEDCO) and Behran Oil. SEDCO is "active in the fields of energy exploration, drilling and refining," Treasury said. SEDCO's managing director, Javad Oji, was also designated by Treasury.

Also designated were several SEDCO subordinates, including Pars Energy-Gostar Drilling and Exploration, and North Drilling Company.

Behran Oil is a SEDCO/Bonyad Mostazafan joint venture "that exports fuel to the Assad regime in Syria," Treasury said.

The sanctions against Behran Oil include subsidiaries Beh Tam Ranakar Company, Behran Trading Company, and Tabchem Chemical Industries Company.

Treasury also sanctioned Nov. 18:

• Kaveh Pars Mining Industries Development Company, Bonyad Mostazafan's mining and metals holding company.
• Sina Financial and Investment Holding Company, Bonyad Mostazafan's investment and financial services holding company.
• Construction holding companies Omran va Maskan Iran Company and Paya Saman Pars Company.
• Parsian Tourism and Recreational Centers Company, hospitality and logistics industries holding company.
• Industrial manufacturing sector holding company Sina Paya Sanat Development.
• Iran Electronic Development Company, "the majority owner of Irancell, Iran's second-largest telecommunications company."