US Treasury sanctions 12 entities12 entities for enabling IRGC oil sales to China
The US Treasury sanctioned 12 entities and individuals on May 11, 2026, for facilitating Iran's Islamic Revolutionary Guard Corps (IRGC) oil sales to China through front companies in Hong Kong, Dubai, Sharjah, and Oman.
These firms handled shipments worth tens of millions of dollars in 2025, allowing Iran to obscure its role and fund its regime. The action aims to disrupt IRGC revenue streams that support its military activities amid ongoing US-Iran tensions.
- The IRGC's economic portfolio includes shipping, banking, and construction sectors worth an estimated $100+ billion, making it one of the world's largest non-state military enterprises.
- Hong Kong and Dubai have historically served as major transshipment hubs for sanctions evasion due to their free-port status and complex financial networks.
- Iran's oil exports to China represent its largest revenue source, with China purchasing roughly 90% of Iran's crude oil despite US pressure to reduce purchases.
US-Iran Ceasefire War
The United States launched military strikes against Iran on June 26, 2026, in response to a drone attack on a commercial cargo ship in the Strait of Hormuz, calling it a "foolish violation" of the 60-day ceasefire agreement signed just days earlier[2][4][14].
26 June, 09:35 PM
US launches strikes against Iran following commercial ship attack26 June, 04:47 PM
Trump calls Iran drone attack on cargo ship a ceasefire violation
