US Sanctions 12 Entities for Iranian Oil Sales to China

May 11, 2026

75 min

May 11, 2026 22:30

'Economic Fury': US designates 12 entities for enabling sale of Iranian oil to China

## US Targets Iranian Oil Sales

The United States has imposed sanctions on 12 individuals and entities for facilitating the sale of Iranian oil to China. This move is part of a broader effort to cut off funding to the Islamic Revolutionary Guard Corps (IRGC), which the US accuses of using oil revenue to support weapons development and terrorist activities.

## Treasury Department's Statement

The US Treasury Department announced the sanctions under Executive Order 13224, aimed at countering terrorism. The department warned that violations could lead to civil or criminal penalties for both US and foreign entities. Treasury Secretary Scott Bessent emphasized the ongoing strategy, dubbed "Economic Fury," to disrupt Iran's financial networks and reduce its ability to fund military and nuclear programs.

## Impact on Global Economy

The sanctions are part of a larger strategy to destabilize Iran's primary revenue sources. The Treasury claims to have already disrupted billions in projected oil revenue and frozen significant amounts of regime-linked cryptocurrency. The US is also prepared to impose secondary sanctions on foreign financial institutions aiding Iran, including those linked to China's independent oil refineries.

## Regional Developments

Amid these tensions, the UK Navy has deployed the HMS Dragon to the Middle East, potentially joining a multinational mission in the Strait of Hormuz. This move coincides with an upcoming meeting of the Strait of Hormuz coalition of defense ministers, hosted by the UK and France. Additionally, Lithuania has announced plans to send troops to protect shipping in the region.

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