Risk Level:
99% May harm your business future; Persons or entities that engage in transactions with this entity will be exposed to sanctions or subject to an enforcement action;

Working with this entity means supporting Iranian Regime, Regime Terrorist Activities & development of WMD

Top Alert – Entity designated / sanctioned for terror, WMD and human rights violation

AQR controls entities in several fields through Razavi Economic Organization, an entity established in the late 1990s to procure and secure the financial resources necessary to carry out AQR’s social and cultural tasks, and for managing and directing companies and institutes affiliated with AQR;

AQR is ostensibly a charitable organization tasked with overseeing the operations of the Imam Reza shrine in Mashhad, Iran. In reality, under the direct supervision of the Supreme Leader, AQR has acquired vast economic holdings in construction, agriculture, energy, telecommunications, and financial services. AQR is overseen by its custodian Ahmad Marvi, one of Supreme Leader Khamenei’s closest associates for several decades, whose appointment demonstrates the importance of AQR to the regime. Astan Quds Razavi is one the regime’s most vital and well-entrenched economic organs. Is custodianship of the Imam Reza Shrine in Mashhad is complemented by its ownership of diversified financial interests in various sectors of Iran’s economy. its economic interests are handled chiefly via its economic wing, the Razavi Economic Organizaiton (REO);

Astan Quds Razavi maintains a vast network of companies through its economic wing, the Razavi Economic Organization (REO). REO’s diverse and far-reaching commercial interests are active in nearly every sector of the Iranian economy, including construction, heavy manufacturing, oil and gas, transportation, financial services, information technology, sugar and yeast production, and carpet manufacturing. Its companies also operate regionally, including in Syria and Iraq. These companies significantly extend the reach of Astan Quds Razavi far beyond the confines of the Imam Reza Shrine in Mashhad. Astan Quds Razavi’s commercial interests also extend into the senior echelons of the Iranian government, underscoring Astan Quds Razavi’s role as a vital economic artery for regime officials. Quds Razavi also maintains immediate and verifiable ties to the IRGC and already-sanctioned entities. Astan Quds Razavi likely is involved in sanctionable activities and likely operates as a conduit for the regime to evade US sanctions through its vast and global economic network;

Key REO whole subsidiaries and partially owned companies include:
– Quds Razavi Bread Company (Private Shares)
– Razavi Oil and Gas Development Company (Private Shares)
– Ghods Niroo Engineering Company (Private Shares)
– MAPNA Group Company
– Shahab Khodro Company (Public Shares)
– Fava Razavi, or Razavi Information and Communication Technology Company (Private Shares)
– Razavi Housing and Construction Company (Private Shares)

Also Known As:


Central District, Ferdowsi, Khayyam Blvd., Khayyam St. 33 Shahid Nourbakhsh 2, #0, Ground Floor, Mashhad, Khorasan Razavi 9185917111, Iran



National ID No.:
10380129694 (Iran)

Registration Number:
1316 (Iran)

Person of interests:
– Seyyed Morteza Etemad ol Eslami Bakhtiari (Chairman of the Board of Directors, National ID # 0819616591)
– Farhad Rahbar (Vice Chairman of the Board of Directors, National ID # 4569284450)
– Mohammad Reza Attar Zadeh (Board of Directors member, National ID # 1930578164)
– Seyyed Massoud Mir Kazemi (Board of Directors member, National ID # 0049619616)
– Mohammad Reza Farzin (Board of Directors member, National ID # 6199326261)
– Abbas Ali Abadi (Board of Directors alternate member, National ID #0049746952)
– Adel Peyghami (Board of Directors alternate member, National ID # 8309164835)
– Seyyed Reza Fatemi Amin (Managing Director, National ID # 4591180948)

Reason for the color:
» Added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on January 13, 2021 pursuant to Executive Order 13876 for being owned or controlled by, directly or indirectly, AQR;
» Astan Quds Razavi – Report;

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IFMAT Color Guide

We sort entities who are connected with terrorist activities, in two sections, first by risk and second by geolocation.
GeoLocation divisions are divided into two fields, Black List and Gray List.
BlackList is a list of all companies, organizations and figures who originate from Iran.
GrayList is a list of all companies, organizations and figures out of Iranian borders, and doing business with Iran.
We identify risk of entities by COLOR selection, each color marks the risk level of the entity.(by declining order)
Designated / Sanctioned / Illicit entities
Entities affiliated with Designated / Sanctioned / Illicit entities.
Entities sanctioned in the past for Terror or Illicit activities / WMD related / Human rights violations.
Entities in a problematic sector - Sector controlled by the Top Alert entities.
Legitimate entities - we cannot determine whether an entity is completely green, and that is due to the facts that the Iranian economy is not transparent enough for us. Be sure.