The U.S. Treasury Department has imposed financial sanctions on an international network accused of shipping Iranian oil to China, officials said on Thursday.
The sanctions target entities and individuals in China, India, and the United Arab Emirates (UAE), as well as several oil tankers involved in the trade. The Treasury said the oil sales generate billions of dollars each year for Iran to build its military and support terrorist proxies such as Hamas, Hezbollah, and the Houthis.
The oil was shipped on behalf of Iran’s Armed Forces General Staff and a front company called Sepehr Energy. Treasury officials said Sepehr used deceptive tactics such as falsified maritime documents to conceal the oil’s Iranian origin before selling it to international buyers, including China.
According to Treasury Secretary Scott Bessent, Iran has been using its oil revenues to develop ballistic missiles, drones, and its nuclear program. A November 2024 report from the International Atomic Energy Agency indicated that Iran was expanding its stockpile of near-weapons-grade enriched uranium, apparently trying to build leverage before President Donald Trump’s return to the White House.
“The United States is committed to aggressively targeting any attempt by Iran to secure funding for these malign activities,” Bessent said in a statement announcing the sanctions. […]
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