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 US has imposed a fresh round of sanctions targeting Iranian oil exports, marking the first sanctions on Tehran's energy sector since a Washington-backed ceasefire between Israel and Iran took