US Treasury Sanctions International Network Shipping Iranian Oil to China

The oil sales generate billions of dollars each year to fund Iran’s military buildup and support terrorist groups such as Hamas.

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang Province, China, on Jan. 4, 2023. China Daily via Reuters

The U.S. Treasury Department has imposed financial sanctions on an international network accused of shipping Iranian oil to China, officials said on Thursday.

The sanctions target entities and individuals in China, India, and the United Arab Emirates (UAE), as well as several oil tankers involved in the trade. The Treasury said the oil sales generate billions of dollars each year for Iran to build its military and support terrorist proxies such as Hamas, Hezbollah, and the Houthis.