On February 10, 2026, the U.S. Treasury Department (OFAC) added two Istanbul-based companies to its sanctions list. These firms are accused of facilitating a complex “commodities-for-cash” scheme to generate revenue for Hezbollah.
The Turkish Entities Involved:
Platinum Group International Dış Ticaret Ltd. Şti.: Registered in Istanbul in 2024, this trading firm is accused of helping export millions of dollars’ worth of Iranian fertilizer to Turkey. To bypass sanctions, the cargo was falsely documented as originating from Oman.
Sea Surf Shipping Limited: Based in Tuzla, Istanbul, this shipping company allegedly provided the logistical support for these illicit transactions.
As part of the crackdown, the U.S. has blocked the following property:
The Vessel LARA: A St. Kitts and Nevis-flagged cargo ship owned by Sea Surf Shipping Limited. It was reportedly used to move the Iranian fertilizer before it was transferred to another sanctioned vessel, the BRILLIANCE.
These companies were part of a broader network that includes:
Andrey Viktorovich Borisov: A Russian national facilitating weapons and commodity deals.
Mohamed Nayef Maged: A Lebanese operative linked to Hezbollah’s “bank,” Al-Qard al-Hassan.
Jood SARL: The Lebanese gold exchange mentioned in previous reports, which helped convert the profits from these commodity sales into usable funds.
All assets belonging to these companies within U.S. jurisdiction are now frozen. Furthermore, any international bank or business that continues to deal with Platinum Group, Sea Surf Shipping, or the vessel LARA faces the risk of “secondary sanctions,” effectively cutting them off from the U.S. dollar-based financial system.
