Treasury designates 12 entities supporting IRGC oil sales to China

The US Treasury Department has sanctioned 12 individuals and entities connected to Iran's Islamic Revolutionary Guard Corps (IRGC) that facilitate the sale of Iranian oil to China. The targeted network includes front companies in Hong Kong and the UAE, designed to hide transaction origins and direct revenue to Tehran. These designations freeze any US assets held by these entities and prohibit American individuals and businesses from engaging with them. The IRGC is deeply involved in Iran's economy, including its oil exports, which are a crucial source of foreign currency. China is the primary buyer of Iranian crude, accounting for approximately 90% of exports, generating between $50 to $70 billion annually for Iran. The sanctions were announced just before a significant US diplomatic visit to Beijing, signaling Washington's intent to pressure China to reduce its purchases of Iranian oil and underscoring the US commitment to disrupting Iran's oil trade.

(Source：Crypto Briefing)