The U.S. Treasu y Department on Monday announced sanctions against three individuals and nine companies involved in facilitating Iran’s shipment of oil to China. The designations, implemented by the Office of Foreign Assets Control (OFAC), targeted entities and persons assisting Iran’s Islamic Revolutionary Guard Corps (IRGC) in selling and transporting Iranian oil through front companies operating in permissive jurisdictions.
The sanctioned companies included four based in Hong Kong, four in the United Arab Emirates, and one in Oman. These networks reportedly enabled the IRGC to use layered corporate structures to evade restrictions and deliver oil to Chinese buyers, according to the department.
The action builds on sanctions announced on May 8, which addressed individuals and entities supporting Iran’s procurement of weapons components, drones, and ballistic missiles.
Treasury Secretary Scott Bessent stated that the Trump administration would continue increasing pressure on Tehran, and said the measures were aimed to deprive the Iranian government and military of funding for weapons, its nuclear program, or support for proxies in the region. “Treasury will continue to cut the Iranian regime off from the financial networks it uses to carry out terrorist acts and to destabilize the global economy,” he said.
The sanctions form part of a sustained U.S. effort under the “Economic Fury” initiative to disrupt Iran’s primary revenue source — oil exports — which officials link to financing military activities. Earlier actions in April and early May included sanctions on Chinese “teapot” refineries, such as Hengli Petrochemical, along with dozens of vessels in Iran’s shadow fleet, shipping intermediaries, and related financial facilitators.
U.S. authorities have also issued warnings to banks in China, Hong Kong, the UAE, and Oman regarding secondary sanctions risks for handling Iranian transactions.
China has responded to prior designations by directing affected companies to disregard certain U.S. measures and invoking its anti-foreign sanctions law.
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Monday’s announcement comes two days ahead of President Donald Trump’s planned two-day summit with Chinese President Xi Jinping in Beijing on , which is scheduled to run from May 14 through 15. The agenda is expected to cover the Iran situation, including pressure on China to support resolution of the standoff and reopening of the Strait of Hormuz, alongside trade, tariffs, technology, and other bilateral issues
As of Monday, the ongoing ceasefire between Iran and the United States remains in place on a nominal basis. However, President Trump has characterized it as being on “massive life support” after rejecting Iran’s latest proposal, which he described as containing unacceptable demands and insufficient concessions, particularly regarding the nuclear program.
Limited clashes have continued in the Strait of Hormuz and related areas, but neither side has formally ended the truce.
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