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US sanctions Chinese oil terminal over Iran trade under 'Economic Fury'

ANI News | May 2, 2026 7:39 AM CST

Washington DC [US], May 2 (ANI): The United States has announced a new wave of sanctions targeting Iran's financial and energy networks, escalating pressure on Tehran's oil revenues and its commercial links with China.
In a post on X, US Treasury Secretary Scott Bessent described Iran as "the head of the snake for global terrorism," adding that under the leadership of US President Donald Trump, the Treasury was acting "aggressively" through the initiative titled "Economic Fury".

He said, "Iran is the head of the snake for global terrorism, and under @POTUS' leadership, Treasury is moving aggressively, through Economic Fury, to sever the Iranian military's financial lifelines. We will relentlessly target the regime's ability to generate, move, and repatriate funds, and pursue anyone enabling Tehran's attempts to evade sanctions."
He highlighted the X post of the US Treasury Department, which said that its Office of Foreign Assets Control (OFAC) had designated three Iranian foreign currency exchange houses along with affiliated front companies, accusing them of facilitating billions of dollars in transactions that ultimately support Iran's military and regional proxy networks.
The Treasury Department said these exchange houses play a central role in converting Iran's oil revenues, which it claimed to be largely settled in Chinese yuan, into currencies usable by the Iranian government and its allied groups.
In a post on X, the department said, "Today, as part of Economic Fury, Treasury's Office of Foreign Assets Control designated three Iranian foreign currency exchange houses and their associated front companies". It added that the entities collectively handle billions in annual transactions tied to Iran's oil trade.

The sanctions package also included measures from the State Department, which targeted additional entities, an individual, and a vessel involved in Iranian petroleum and petrochemical exports.
A press statement by State Department spokesperson Thomas "Tommy" Pigott said the action included sanctions against Qingdao Haiye Oil Terminal Co., Ltd., a China-based petroleum terminal operator accused of importing "tens of millions of barrels" of sanctioned Iranian crude oil.
"Today, the Department of State sanctioned several entities, an individual, and a vessel involved in the trade of Iranian petroleum, petroleum products, and petrochemical products," Pigott said.
He added that the terminal had enabled "the flow of billions of dollars to Tehran" through ship-to-ship transfers and deceptive maritime practices that Washington says undermine global shipping security.
The coordinated US measures aim to disrupt what officials claim is Iran's primary revenue stream for funding its military activities and regional proxy networks, while intensifying enforcement against international actors involved in Iranian oil trade, particularly channels linked to China.
"The Trump Administration will continue to hold Iran accountable and counter its dangerous and malign behavior," the State Department said, adding that "Economic Fury" will intensify pressure on Iran's illicit energy and financial systems. (ANI)