US government sanctions three individuals, nine companies aiding Iranian oil shipments to China
The US Treasury sanctioned three individuals and nine companies for helping Iran ship oil to China, using front operations in Hong Kong, the UAE, and Oman.Summary
On May 11, the US Treasury Department sanctioned three individuals and nine companies accused of facilitating the shipment of Iranian oil to China. The targets allegedly used front operations in Hong Kong, the UAE, and Oman to bypass sanctions and funnel revenue to the Islamic Revolutionary Guard Corps (IRGC). The Office of Foreign Assets Control (OFAC) designated these entities for their role in obscuring the origin of Iranian petroleum. This action follows a previous round of sanctions targeting ten entities linked to supplying Iran with weaponry and drone components. China remains the primary buyer of sanctioned Iranian crude, purchasing nearly 90% of the oil. The sanctions signal that OFAC has visibility into the full supply chain. Notably, no cryptocurrency companies were included in these designations, though OFAC has previously targeted decentralized protocols like Tornado Cash and OTC crypto brokers.
(Source：Crypto Briefing)