U.S. Sanctions Individuals and Firms Involved in Iranian Oil Exports to China Ahead of Trump’s Visit to China

[Financial News] The Trump administration has designated three individuals and nine companies for sanctions over their role in facilitating exports of Iranian oil to China.
On the 11th local time, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced the new sanctions, saying that the Islamic Revolutionary Guard Corps (IRGC) was using shell companies set up in countries with loose regulations to conceal its role in oil sales and funnel the proceeds to the Iranian regime.
The three individuals targeted by the sanctions are Iranian nationals. Of the nine companies, four are based in Hong Kong, four in the United Arab Emirates (UAE), and one in Oman.
Treasury Secretary Scott Bessent said, "Operation Economic Fury will continue to cut off funding for the Iranian regime's weapons program, terrorist proxies, and nuclear ambitions." It was also reported that all assets of the sanctioned individuals and entities in the United States will be frozen, and transactions with them in the U.S. will be prohibited.
As stalled nuclear talks with Iran remain deadlocked, the United States is stepping up economic pressure on the country. The Treasury Department also sanctioned 10 entities, including Chinese and Hong Kong companies and individuals, on the 8th for their involvement in supporting Iran's weapons and drone production.
With President Trump's visit to China scheduled for the 13th to 15th, attention is turning to whether Washington will seek Beijing's cooperation on resolving the Iran issue and reopening the Strait of Hormuz.
whywani@fnnews.com Hong Chaewan Reporter