The U.S. imposed sanctions on Thursday against a network that smuggles Iranian oil disguised as Iraqi oil and on a Hezbollah-controlled financial institution, the Treasury Department said.

The U.S. Treasury has sanctioned a network led by Iraqi businessman Salim Ahmed Saeed for allegedly smuggling billions in Iranian oil under an Iraqi cover.

The State Department announced Wednesday it would target entities and individuals connected to Iran and Hezbollah with new sanctions. Six entities and four vessels associated with Iran were