The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed on Wednesday new sanctions against Islamic Revolutionary Guard Corps-Qods Force financial conduit, South Wealth Resource Company (SWRC) based in Iraq.
In a statement released today, the US Treasury accused the Iranian financial conduit in Iraq of trafficking “hundreds of millions of dollars’ worth of weapons to IRGC-QF-backed Iraqi militias.”
“Treasury is taking action to shut down Iranian weapons smuggling networks that have been used to arm regional proxies of the IRGC Qods Force in Iraq, while personally enriching regime insiders,” Steven T. Mnuchin, the Secretary of the US Treasury was quoted as saying.
South Wealth Resource Company, which has been used by IRGCs Qods force for smuggling weapons to its proxies in Iraq, is also known as Manabea Tharwat al-Janoob General Trading Company. The firm has helped the Iranian Guards, providing financial, technological, material and many other services.
US President Donald Trump and his administration has a special focus on Islamic Republic’s missile program and transferring weapons to its proxy forces. Washington is hoping to change Tehran’s behavior using sanctions.