Iran International reports that the Islamic Revolutionary Guard Corps Intelligence Organization orchestrated a quasi-coup to regain control of Iran’s sanctioned oil trade. The operation is alleged to aim to revive the corps’s network of trustees, which manages part of the sanctioned oil trade. It reportedly involves several IRGC officials and points to an internal power struggle in Iran over the channels used to collect oil revenue. The transfer of these channels from the UAE to Russia may indicate an effort to consolidate the network rather than dismantle it, while markets now price in a greater risk of instability within Iran’s leadership.
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