US Sanctions 3 Individuals and 9 Companies for Assisting Iran's Oil Sales to China

US-Iran War Key News

(Washington, May 11, Central News Agency) The US Treasury Department today announced sanctions on three individuals and nine companies, including four headquartered in Hong Kong, four in the United Arab Emirates, and one in Oman, accusing them of assisting Iran in transporting oil to China.

According to Reuters, the US Treasury Department had just imposed sanctions on May 8 on individuals and entities assisting Iran in procuring weapons, drones, and ballistic missile components.

This move comes as US President Trump is about to visit Beijing to meet with Chinese President Xi Jinping. Trump is expected to pressure the Chinese leader to help resolve the standoff with Iran and reopen the strategic Strait of Hormuz.

The US Treasury Department stated that the new wave of sanctions by its Office of Foreign Assets Control (OFAC) aims to combat individuals and entities assisting Iran's Islamic Revolutionary Guard Corps (IRGC). These entities use a series of shell companies located in jurisdictions with looser economic regulations to help Iran sell oil to China.

US Treasury Secretary Scott Bessent stated that the Trump administration will continue to pressure the Tehran authorities, depriving the Iranian government and military of funding sources used for weapons development, nuclear programs, or financing regional proxies.

Bessent pointed out: "The Treasury Department will continue to sever the Iranian regime's ties with financial networks, preventing it from using these channels for terrorist activities and causing global economic instability." (Compiled by: Liu Shu-chin) 1150512

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