US sanctions network moving millions of barrels of Iranian crude oil to China
Sanctions target entities, individuals in China, India, United Arab Emirates, several vessels, says Treasury Department
A general view of Isfahan Refinery, one of the largest refineries in Iran and is considered as the first refinery in the country in terms of diversity of petroleum products in Isfahan, Iran on November 08, 2023.
WASHINGTON
The US sanctioned a global network on Thursday that it said is moving millions of barrels of Iranian crude oil to China.
"The oil was shipped on behalf of Iran’s Armed Forces General Staff (AFGS) and its sanctioned front company, Sepehr Energy Jahan Nama Pars (Sepehr Energy)," the Treasury Department’s Office of Foreign Assets Control (OFAC) said in a statement.
The sanctions target entities and individuals in China, India and the United Arab Emirates (UAE), as well as several vessels, it added.
"Iran generates the equivalent of billions of dollars each year via oil sales to fund its destabilizing regional activities and support of multiple regional terrorist groups, including Hamas, the Houthis, and Hizballah," it said.
The AFGS utilizes networks of foreign-based front companies and brokers to enable the oil sales and shipments, it added.
"The Iranian regime remains focused on leveraging its oil revenues to fund the development of its nuclear program, to produce its deadly ballistic missiles and unmanned aerial vehicles, and to support its regional terrorist proxy groups," said Treasury Secretary Scott Bessent.
The US is committed to target any attempt by Iran to secure funding for "these malign activities," Bessent added.
