US Strengthens Economic Warfare to Combat Iran's Shadow Finance, Sanctions 35 Entities and Individuals
The US government has intensified its pressure on Iran by sanctioning 35 entities and individuals involved in Iran's 'shadow banking' system. It also threatens sanctions against banks dealing with Chinese 'teapot' refineries accused of paying transit fees for vessels passing through the Strait of Hormuz.
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- 📰 Published: April 29, 2026 at 13:42
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Key News on US-Iran War
Central News Agency
(Central News Agency Washington 28th comprehensive foreign reports) The US government today increased pressure on Iran, imposing sanctions on 35 entities and individuals for their role in Iran's "shadow banking" system, and threatened that banks doing business with Chinese "teapot" refineries could also face sanctions, as these refineries are accused of paying transit fees for vessels passing through the Strait of Hormuz.
Reuters reported that the US Treasury Department's Office of Foreign Assets Control (OFAC) stated that the individuals and companies on the sanctions list had helped transfer tens of billions of dollars related to sanction evasion and alleged Iranian support for terrorism.
OFAC also warned banks not to conduct transactions with any company that pays transit fees to the Iranian government or the Islamic Revolutionary Guard Corps (IRGC), otherwise they will face significant sanction risks.
Washington specifically named independent "teapot" refineries in China, mainly concentrated in Shandong Province, because these refineries play a key role in importing and refining Iranian oil, and stated that some operators have used the US financial system for dollar transactions and to obtain US goods.
China stated that it opposes "illegal" unilateral sanctions.
Efforts to end the Iran war remain in a stalemate. US President Trump is dissatisfied with Tehran's latest proposal, which suggests postponing discussions on nuclear programs until the conflict ends and shipping disputes are resolved.
The US Treasury Department pointed out that these sanctions target individuals and companies that enable the Iranian armed forces, including the Islamic Revolutionary Guard Corps (IRGC), to access the international financial system, allowing them to collect illegal oil sales proceeds, procure sensitive components for missiles and other weapon systems, and transfer funds to proxy forces.
US Treasury Secretary Scott Bessent said: "Iran's shadow banking system is a vital financial lifeline for its armed forces, enabling them to engage in activities that disrupt global trade and escalate violence in the Middle East."
Since February 2025, OFAC has imposed sanctions on approximately 1,000 Iran-related individuals, vessels, and aircraft to exert economic pressure on its shadow banking, money laundering, and sanction evasion networks.
The sanctioned companies include Farab Soroush Afagh Qeshm Company. OFAC stated that this company collaborated with Iran's Shahr Bank to facilitate Iranian oil sales, and two senior executives are also among those sanctioned.
In another warning, the US Treasury Department emphasized that US individuals or entities are prohibited from paying transit fees to Iran or the Revolutionary Guard in exchange for safe passage through the Strait of Hormuz; foreign financial institutions that transact with those who pay such "transit fees" will also face sanction risks.
The Trump administration has imposed sanctions on five Chinese "teapot" refineries, including the Hengli Petrochemical Refinery in Dalian last week, which is one of the important buyers of Iranian crude oil and petroleum products.
US sanctions have deterred some large independent refineries from buying Iranian oil. Data from analytics company Kpler shows that China buys over 80% of Iran's exported oil.
Brett Erickson, head of Obsidian Risk Advisors, said: "Washington continues to emphasize maximum pressure but still avoids the truly critical step. If it is unwilling to target Chinese banks that support the Tehran regime, it is not a fatal blow, but merely a show." (Translator: Hsu Jui-cheng) 1150429
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Central News Agency
(Central News Agency Washington 28th comprehensive foreign reports) The US government today increased pressure on Iran, imposing sanctions on 35 entities and individuals for their role in Iran's "shadow banking" system, and threatened that banks doing business with Chinese "teapot" refineries could also face sanctions, as these refineries are accused of paying transit fees for vessels passing through the Strait of Hormuz.
Reuters reported that the US Treasury Department's Office of Foreign Assets Control (OFAC) stated that the individuals and companies on the sanctions list had helped transfer tens of billions of dollars related to sanction evasion and alleged Iranian support for terrorism.
OFAC also warned banks not to conduct transactions with any company that pays transit fees to the Iranian government or the Islamic Revolutionary Guard Corps (IRGC), otherwise they will face significant sanction risks.
Washington specifically named independent "teapot" refineries in China, mainly concentrated in Shandong Province, because these refineries play a key role in importing and refining Iranian oil, and stated that some operators have used the US financial system for dollar transactions and to obtain US goods.
China stated that it opposes "illegal" unilateral sanctions.
Efforts to end the Iran war remain in a stalemate. US President Trump is dissatisfied with Tehran's latest proposal, which suggests postponing discussions on nuclear programs until the conflict ends and shipping disputes are resolved.
The US Treasury Department pointed out that these sanctions target individuals and companies that enable the Iranian armed forces, including the Islamic Revolutionary Guard Corps (IRGC), to access the international financial system, allowing them to collect illegal oil sales proceeds, procure sensitive components for missiles and other weapon systems, and transfer funds to proxy forces.
US Treasury Secretary Scott Bessent said: "Iran's shadow banking system is a vital financial lifeline for its armed forces, enabling them to engage in activities that disrupt global trade and escalate violence in the Middle East."
Since February 2025, OFAC has imposed sanctions on approximately 1,000 Iran-related individuals, vessels, and aircraft to exert economic pressure on its shadow banking, money laundering, and sanction evasion networks.
The sanctioned companies include Farab Soroush Afagh Qeshm Company. OFAC stated that this company collaborated with Iran's Shahr Bank to facilitate Iranian oil sales, and two senior executives are also among those sanctioned.
In another warning, the US Treasury Department emphasized that US individuals or entities are prohibited from paying transit fees to Iran or the Revolutionary Guard in exchange for safe passage through the Strait of Hormuz; foreign financial institutions that transact with those who pay such "transit fees" will also face sanction risks.
The Trump administration has imposed sanctions on five Chinese "teapot" refineries, including the Hengli Petrochemical Refinery in Dalian last week, which is one of the important buyers of Iranian crude oil and petroleum products.
US sanctions have deterred some large independent refineries from buying Iranian oil. Data from analytics company Kpler shows that China buys over 80% of Iran's exported oil.
Brett Erickson, head of Obsidian Risk Advisors, said: "Washington continues to emphasize maximum pressure but still avoids the truly critical step. If it is unwilling to target Chinese banks that support the Tehran regime, it is not a fatal blow, but merely a show." (Translator: Hsu Jui-cheng) 1150429
Stand with the facts, your sponsorship is the power to protect press freedom.
Download the Central News Agency "First-Hand News" APP to stay updated with the latest news.
Texts, images, and videos on this website may not be reproduced, broadcast, transmitted, or used without authorization.