The United States sanctioned 12 individuals and entities on May 11 over their alleged role in facilitating Iranian oil sales to China, according to the Treasury Department. [1]
The Treasury said the network was tied to the Islamic Revolutionary Guard Corps and used front companies, shell companies and intermediaries to hide the IRGC's role and move revenues. [2, 1] The sanctioned people and firms were based in or connected to Iran, Hong Kong, the United Arab Emirates and Oman. [2, 1]
Treasury Secretary Scott Bessent said the US would keep pressing to cut off Iranian revenue streams tied to military and nuclear activities. In a statement cited by the report, he said: "Treasury will continue to cut the Iranian regime off from the financial networks it uses to carry out terrorist acts and to destabilise the global economy." [2, 1]
The sanctions came shortly before President Donald Trump was expected to meet Xi Jinping in Beijing, according to the report. [2] The US had also previously sanctioned Hengli Petrochemical (Dalian) Refinery Co in late April, the report said. [2]
The Treasury said it would continue efforts to block Iranian financial networks it says support terrorism and destabilise the global economy. [2]
