The Treasury Department’s Office of Foreign Assets Control on Monday announced new sanctions on 12 individuals and entities accused of helping Iran’s Islamic Revolutionary Guard Corps sell and transport oil to China through a network of front companies.The sanctions, part of what has been labeled “Economic Fury,” target people and companies that officials say enabled the Guard to disguise its role in Iranian oil shipments and funnel proceeds back to the country through shell firms based in Hong Kong, Dubai, and Oman, a Treasury official told the Washington Examiner. Officials said the network helped facilitate sales of Iranian crude to buyers in the People’s Republic of China, a major destination for sanctioned Iranian oil despite years of U.S. restrictions.
“As Iran’s military desperately tries to regroup, Economic Fury will continue to deprive the regime of funding for its weapons programs, terrorist proxies, and nuclear ambitions,” Treasury Secretary Scott Bessent said. “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.”
Among the sanctioned are three Iranian officials accused of working for the Guard’s Shahid Purja’fari Oil Headquarters, which the Treasury says coordinates payments and oversees oil sales tied to the Guard. The OFAC identified them as Ahmad Mohammadi Zadeh, described as the unit’s chief; Samad Fathu Salami, the finance chief; and Mohammadreza Ashrafi Ghehi, the commercial chief.
