Info:
Sepehr Energy used Sharjah-based broker Royal Shell Goods Wholesalers FZE to enable the sale of Iranian commodities to overseas buyers.
Sepehr Energy uses companies in Hong Kong and the United Arab Emirates to sell billions of dollars’ worth of commodities to customers in Europe and East Asia.
Sepehr Energy relies upon the services of Iranian exchange houses to transfer funds to MODAFL-controlled bank accounts in coordination with the AFGS. Iranian exchange houses serve as key conduits in multijurisdictional Iranian “shadow banking” networks, establishing front companies abroad to enable trade for Iranian clients. Sepehr Energy also shipped products via the National Iranian Tanker Company (NITC), which was designated pursuant to E.O. 13224, as amended, on October 26, 2020 for its support to the IRGC-QF.
“The IRGC-QF and MODAFL continue to engage in illicit finance schemes to generate funds to fan conflict and spread terror throughout the region,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “The United States remains committed to exposing elements of the Iranian military and its complicit partners abroad to disrupt this critical source of funds.”
The Iranian government allocates billions of dollars’ worth of commodities, including oil, to Iranian military entities, including MODAFL and the AFGS as part of the Iranian military’s annual budget. This includes specific commodity allotments for MODAFL, the Islamic Revolutionary Guard Corps (IRGC), and the AFGS, which sell the commodities to foreign buyers to generate revenue.
Involved In:
Oil Industry
Also Known As:
Royal Shell Goods Wholesalers FZE
Organization Established Date:
29 Jul 2021
Country:
United Arab Emirates
Address:
Riggat Al Buteen, Deira, Dubai, United Arab Emirates
Business Registration Number:
968335 (United Arab Emirates)
Economic Register Number (CBLS):
11710687 (United Arab Emirates)