NewsWorldUS NewsTargeting the 'shadow fleet': US hits 12 Iran-linked entities over secret oil shipments to China ahead of Trump-Xi summit The sanctions come days before US President Donald Trump is due to meet Chinese President Xi Jinping in Beijing.
2 min readMay 12, 2026 08:56 AM IST
First published on: May 12, 2026 at 08:56 AM IST
Treasury Secretary Scott Bessent listens as President Donald Trump speaks at a charter school in The Villages, Fla. (Photo: AP)
The United States has imposed sanctions on 12 individuals and companies accused of helping Iran sell and transport oil to China.
The US Treasury said the measures target three individuals and nine companies based in Hong Kong, the United Arab Emirates and Oman.In a statement, the Treasury said Iran’s Islamic Revolutionary Guard Corps uses front companies to hide its role in oil sales.
It said these networks help move oil and channel revenue back to the Iranian government.The sanctions block any US-based assets held by those listed and ban US individuals and firms from dealing with them.
Bessent says pressure will continue
US Treasury Secretary Scott Bessent said Washington would continue to use sanctions alongside military pressure.Story continues below this ad
“As Iran’s military tries to regroup, ‘Economic Fury’ will continue to deprive the regime of funding for its weapons programmes, terrorist proxies and nuclear ambitions,” he said.
He also said the US would keep targeting the financial networks used by Iran.
The sanctions come days before US President Donald Trump is due to meet Chinese President Xi Jinping in Beijing.
The US is expected to raise Iran during the talks and press China, a major buyer of Iranian oil, to increase pressure on Tehran.Story continues below this ad
Wider crackdown on Iran links
The Treasury said the latest action builds on earlier sanctions targeting firms involved in Iran’s weapons and drone programmes.
The US State Department has also announced a reward of up to $15 million for information that could disrupt the financial operations of the IRGC.
Iran sends much of its oil to Asia, with China one of its largest trading partners. The conflict has also affected global energy markets, particularly around the Strait of Hormuz, a key route for oil shipments.
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