By Al-Fassel | 2024-11-18

The United States on November 14 blacklisted associates of a Syrian conglomerate that generated hundreds of millions of dollars in revenue for the Islamic Revolutionary Guard Corps Quds Force (IRGC-QF) and the Houthis.

The 26 companies, individuals and vessels associated with Al-Qatirji Company raised funds by selling Iranian oil to Syria and China, the US Treasury said.

"Al-Qatirji Company launders revenue from selling Iranian oil and then provides millions of dollars per month to the Houthis, knowingly funding attacks," said US State Department spokesman Matthew Miller.

The sanctions aim "to further disrupt the oil sales networks through which the Iranian regime funds the IRGC-QF and its partners and proxies, which have contributed to ongoing regional instability and conflict," he said.

Al-Qatirji Company was censured in 2018 for its role in facilitating the sale of fuel between the Syrian regime and the "Islamic State of Iraq and Syria" (ISIS).

It has since "morphed into one of the main channels through which the IRGC-QF generates revenue and funds its regional proxy groups," the Treasury said.

IRGC-QF's main financial channel

"Iran is increasingly relying on key business partners like the Al-Qatirji Company to fund its destabilizing activities and web of terrorist proxies across the region,” said Treasury official Bradley T. Smith.

The company exports millions of barrels of Iranian oil to Syria and East Asia, including China, to finance the IRGC-QF and Houthis, the Treasury said.

It has become one of the IRGC-QF’s main financial channels, enabling the force to generate and access hundreds of millions of dollars in revenue this year alone.

Much of this is laundered through cities such as Istanbul and Beirut.

"Some of the oil proceeds are ultimately sent to the Houthis, who receive millions of dollars per month from the Al-Qatirji Company," the Treasury said.

Al-Qatirji Company

Al-Qatirji Company controls the Guyana-flagged vessels Baron, Chloe, Ramona I, Mia and Lia; Iran-flagged Romina and Lotus; Palau-flagged Joel; Panama-flagged Rex 1 and Celine; and Barbados-flagged Leila and Eline.

It uses them to transport Iranian petroleum, and has coordinated oil shipments with the IRGC-QF using the Baron and Iran-flagged Star 5.

The companies that manage, own and operate the vessels are based in India, Panama, Lebanon, Iran, the Marshall Islands and the Seychelles.

Hussam Bin Ahmed Rushdi Al-Qatirji, who was previously sanctioned for his role in brokering the Syrian regime’s oil trade with ISIS, has become a leader of the Al-Qatirji Company, the Treasury said.

Company executives have met with senior IRGC-QF officials and other financial supporters, including sanctioned IRGC-QF-backed Houthi financier Said al-Jamal.

Hussam Al-Qatirji and Muhammad Agha Ahmed Rashdi Qatirji work on the company’s oil portfolio. Abbas Katerji, Muhammad Al-Qatirji’s son, also works for the company.