US Expands Sanctions Targeting Iran’s Oil Shipments to China
The Office of Foreign Assets Control (OFAC) of the Department of the Treasury is naming 12 individuals and entities for their involvement in facilitating the Islamic Revolutionary Guard Corps' (IRGC) sale and transport of Iranian oil to the People's Republic of China.
The IRGC utilizes front businesses in friendly economic areas to mask its involvement in oil transactions and direct the profits to the Iranian regime. Rather than utilizing this income to aid the suffering Iranian population, the regime allocates it to armament production, supporting terrorist groups, and financing security forces that infringe upon citizens’ liberties.
“As Iran’s armed forces struggle to reorganize, Economic Fury will persist in denying the regime financial resources for its weaponry initiatives, terrorist affiliates, and nuclear goals,” stated Treasury Secretary Scott Bessent.
"The Treasury will maintain efforts to isolate the Iranian regime from the financial systems it leverages to conduct terrorist activities and disrupt the global economy,” adds Scott.
Today's measures are being implemented under the counterterrorism authority Executive Order (E.O.) 13224, as modified, aimed at terrorist organizations, their backers, and individuals who assist in terrorist activities.
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The IRGC was assigned under E.O. 13224 on October 13, 2017, due to its assistance to the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). The National Iranian Oil Company was designated under E.O. 13224 on October 26, 2020 for its backing of the IRGC-QF.
The Treasury Department is applying extreme pressure on Iran and focusing on the government's capacity to generate, transfer, and bring back funds.
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Treasury is forcefully pushing Economic Fury and has obstructed billions in anticipated oil earnings, implemented measures that resulted in the freezing of close to half a billion dollars in cryptocurrency connected to the regime, and intensified efforts against Tehran’s underground banking systems.
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Treasury has also penalized a corrupt Iraqi official who has enabled the sale of oil in collaboration with Iran-aligned militias active in Iraq.