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US Treasury Places Sanctions on 12 Individuals, Entities for Facilitating Sale of Iranian Oil to China

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US Treasury Department's Office of Foreign Assets Control has designated 12 individuals and entities for helping the Islamic Revolutionary Guard Corps to sell and ship Iranian oil to China, the Treasury said in a statement on Monday.

Ofac said that the IRGC hides behind "front companies" in "permissive economic jurisdictions" to cover up its activity and to funnel revenues to the Iranian authorities.

"Instead of using this revenue to support the struggling Iranian people, the regime directs it toward weapons development, backing terrorist proxies, and funding security forces that suppress citizens' freedoms," the statement said.

"Economic Fury will continue to deprive the regime of funding for its weapons programs, terrorist proxies, and nuclear ambitions," the statement quoted Secretary of the Treasury Scott Bessent as saying.

The statement said the US actions were being taken in accordance with counterterrorism laws. The National Iranian Oil Co., as well as the IRGC, have both been 'designated' under these rules. The Treasury has deprived Iranian authorities of billions in oil revenues, the statement said.

It has also taken actions that have frozen almost half a billion dollars of cryptocurrency linked to the Iranian "regime" and cracked down on what it called Iran's shadow banking networks.

Sanctions were imposed on a corrupt Iraqi official who has facilitated the sale of oil along with Iran-backed militias active in Iraq.

The Treasury said it would vigorously target traditional sanctions evasion and digital asset exploitation while continuing to freeze money stolen from ordinary Iranians. It said it will also act against any foreign company supporting "illicit" Iranian commerce.

It said this could include acting against foreign financial institutions connected to China's independent "teapot" oil refineries.

The statement said that these actions come on top of a July 2025 decision to target Golden Globe Demir Celik Petrol Sanayi ve Ticaret Anonim Sirketi, a "cover company" arranging the IRGC's oil sales.

It said that the individuals targeted now work for the IRGC's Shahid Purja'fari Oil Headquarters, coordinating payments through Golden Globe and other entities now designated.

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