The U.S. Treasury Department on Thursday imposed sanctions on an international network, alleging that it has facilitated the shipment of Iranian oil to China.
The sanctions target entities and individuals in China, India and the United Arab Emirates, as well as several vessels. The network has facilitated the shipment of millions of barrels of Iranian oil worth hundreds of millions of dollars to China, according to the department.
The oil was shipped on behalf of Iran’s Armed Forces General Staff and a front company named Sepehr Energy, according to the Treasury Department.
The move by the Treasury comes two days after President Donald Trump signed a memorandum re-imposing a “maximum pressure” campaign on the Islamic Republic. The memorandum directed the Treasury and State departments to take action to drive Iran’s oil exports to zero.
Treasury Secretary Scott Bessent accused Iran in a statement Thursday of using its oil revenues to fund the development of a nuclear program, produce ballistic missiles and unmanned aerial vehicles and support terrorist groups in the Middle East. Iran has said it is not seeking to build nuclear weapons.
“The United States is committed to aggressively targeting any attempt by Iran to secure funding for these malign activities,” Bessent said.
Sanctioned companies include Marshal Ship Management Private Limited based in India with offices in the UAE, Ocean Dolphin Ship Management and Gozoso Group in Hong Kong, Miletus Line based in the Seychelles and Umbra Navi Ship Management Corp. based in Kazakhstan but registered in the Seychelles. Several subsidiaries of Sepehr Energy and executives at those subsidiaries were also sanctioned.
U.S. crude oil and global benchmark Brent futures were trading less than 1% higher late-morning Thursday.