US sanctions network of companies it says helped ship Iranian oil to China
The US Treasury says nearly two dozen firms facilitated transport of billions of dollars worth of oil for Iranian military front company
The US Treasury Department imposed sanctions on a network of nearly two dozen companies and shipping agents it accused of helping Iran transport billions of dollars worth of oil to China.
The network of Hong Kong and mainland Chinese businesses allegedly played a crucial role in disguising Iranian crude oil as coming from other sources and funnelling it to China.
According to the Treasury’s Office of Foreign Assets Control, the network facilitated the shipments for Iran’s Armed Forces General Staff, the country’s top military body, and its front company, Sepehr Energy.
“Today’s action underscores our continued focus on intensifying pressure on every aspect of Iran’s oil trade, which the regime uses to fund its dangerous and destabilising activities,” Treasury Secretary Scott Bessent said in a statement on Tuesday.
“The United States will continue targeting this primary source of revenue, so long as the regime continues its support for terrorism and proliferation of deadly weapons.”
The sale of the oil helped fund the development of Iranian ballistic missiles and drones, nuclear proliferation, and attacks by the Houthi militant group on shipping in the Red Sea, the US Navy and Israel, Tammy Bruce, a State Department spokesperson, said.