The US Treasury announced financial sanctions on Thursday, the first under the new administration of US President Donald Trump, that target an “international network” accused of shipping Iranian oil to China to fund Tehran’s military activities.
The sanctions target the network for “facilitating the shipment of millions of barrels of Iranian crude oil worth hundreds of millions of dollars to the People’s Republic of China”, the Treasury Department wrote in a statement.
The oil was shipped on behalf of Iran’s Armed Forces General Staff and a sanctioned front company called Sepehr Energy Jahan Nama Pars, the Treasury statement noted.
“The Iranian regime remains focused on leveraging its oil revenues to fund the development of its nuclear programme, to produce its deadly ballistic missiles and unmanned aerial vehicles, and to support its regional terrorist proxy groups,” said Treasury Secretary Scott Bessent.
“The United States is committed to aggressively targeting any attempt by Iran to secure funding for these malign activities,” he added.
The Treasury’s actions follow Trump’s recent decision to reinstate his “maximum pressure” campaign against Iran over allegations that it is trying to develop nuclear weapons.