The United States announced a fresh wave of sanctions on Thursday targeting the Syrian-based Al-Qatirji Company, accusing it of funneling funds to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Yemen’s Houthi movement.

According to the U.S. Treasury Department, the Al-Qatirji Company has become a critical revenue source for the IRGC-QF, with proceeds from its activities financing the Houthis and other regional proxy groups. The latest sanctions also extend to nine associated shipping companies, 13 vessels, and several family members who manage the business.

History of Sanctions

The Al-Qatirji Company was previously sanctioned in 2018 for facilitating fuel trade between the Syrian regime and the Islamic State of Iraq and Syria (ISIS). At the time, the U.S. alleged that the company supplied Syria with oil from ISIS-controlled territories and provided the group with refined fuel products in return.

A 2018 Treasury Department statement highlighted the company’s dual dealings with the Assad regime and ISIS, describing it as the exclusive agent for a 2016 trade deal that provided supplies to ISIS. The company’s trucking unit was also implicated in arms shipments under the guise of food trade, overseen by Syrian intelligence.

Shift in Focus

While the 2018 sanctions focused on the company’s dealings with ISIS, the November 2024 announcement centers on its ties to Iran. The Treasury revealed that Al-Qatirji has become a major conduit for revenue generation, channeling funds through the sale of Iranian oil to Syria and China.

“Al-Qatirji has morphed into one of the main channels through which the IRGC-QF generates revenue and funds its regional proxy groups,” the Treasury Department stated, estimating that the company has been responsible for hundreds of millions of dollars in revenue.

Leadership Targeted

The sanctions also target Hussam Al-Qatirji, the company’s current head and a member of the Syrian parliament. Hussam assumed leadership following the death of his brother, Mohammad Baraa al-Qatirji, who was killed in an Israeli airstrike on the Beirut-Damascus highway in July 2024.

Hussam Al-Qatirji has a long history of support for the Assad regime and was previously sanctioned by the European Union in 2019. The new U.S. measures extend to other family members involved in the company’s operations.

Strategic Implications

The latest sanctions come as part of broader U.S. efforts to curb Iran’s influence in the region and disrupt financial networks supporting terrorist and proxy groups. By targeting Al-Qatirji, the U.S. aims to undermine a key revenue stream for the IRGC-QF and its allies, signaling its continued vigilance in addressing both regional and global threats.