US Treasury sanctions Iranian MF Holding

21 November, 2020
Source: Platts

The US Treasury Department Nov. 18 leveled sanctions against Iran's Islamic Revolution Mostazafan Foundation (MF), 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 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 Owji, 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 Syria," Treasury said.
The sanctions against Behran Oil include subsidiaries Beh Tam Ranakar Company, Behran Trading Company, and Tabchem Chemical Industries Company.

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

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