US Treasury sanctions network delivering Iranian oil to China

Actions follow Trump’s decision to reinstate ‘maximum pressure’ campaign against Iran over claims it is trying to develop nuclear weapons

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The US Treasury Department building in Washington. The Treasury on Thursday sanctioned an ‘international network’ accused of shipping Iranian oil to China to fund Tehran’s military activities. Photo: AFP

Published: 1:17am, 7 Feb 2025Updated: 1:34am, 7 Feb 2025

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 sanctions target individuals and companies in countries including China, India, and the United Arab Emirates, the department said.

Treasury said it imposed blocking sanctions on the Panama-flagged CH Billion tanker and the Hong Kong-flagged Star Forest tanker for their role in shipping Iranian oil to China.

The US said the tankers “onboarded” Iranian crude from storage in China as part of a scheme involving Iran’s military, which stands to profit from the sale of the oil.