The United States has imposed sanctions on 12 individuals and entities for facilitating Iranian oil shipments to China, expanding pressure on Tehran's energy trade and financial networks.
The sanctions target three individuals and nine companies linked to the movement of Iranian oil, according to an Economic Times report. The network includes four firms based in Hong Kong, four in the United Arab Emirates and one in Oman.
The move comes as Washington steps up efforts to curb funding channels linked to Iran's military and oil operations. The US Treasury also announced a reward of up to $15 million for information that helps disrupt funding networks tied to the Islamic Revolutionary Guard Corps, or IRGC.
"Treasury will continue to cut the Iranian regime off from the financial networks it uses to carry out terrorist acts and to destabilize the global economy," Treasury Secretary Scott Bessent said.
Oil Network
The Treasury Department said the IRGC has increasingly used offshore shell companies to conceal Iranian oil sales to China.
US authorities accused the sanctioned firms in Hong Kong, Dubai, Sharjah and Oman of helping facilitate oil sales and shipments on behalf of the IRGC and the National Iranian Oil Co., or NIOC. According to the Economic Times report, the companies allegedly operated as front entities, arranged vessels, managed cargoes and bought millions of barrels of Iranian oil through shadow fleet operations.
The Treasury also imposed sanctions on three senior officials linked to the IRGC's Shahid Purja'fari Oil Headquarters. Authorities said the officials coordinated payments through the Golden Globe network.
Pressure On Iran
Separately, the US State Department on Friday sanctioned three China-based satellite companies, accusing them of providing capabilities that support Iran's military operations, according to AP.
The latest sanctions come ahead of President Donald Trump's meeting with Chinese President Xi Jinping in Beijing this week.
Trump is expected to press China to use its influence to help resolve tensions involving Iran and support efforts to reopen the Strait of Hormuz, a key global energy shipping route that has remained largely blocked since the conflict escalated in late February.
ALSO READ: 'They Will Be Surprised': Ghalibaf Says 'Iran Prepared For All Options' Against US Aggression
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
