US sanctions Iran exchanges and China-based crude terminal operator to disrupt illicit oil trade and revenue streams

The U.S. Treasury Department's sanctions target three Iranian currency exchanges and Qingdao Haiye Oil Terminal Co., Ltd., a China-based operator accused of importing millions of barrels of sanctioned Iranian oil.
US officials state these measures aim to curtail Tehran's revenue sources.
“The US is taking decisive action to disrupt Iran's illicit oil trade,” said US State Department spokesman Tommy Pigott.
Qingdao Haiye has reportedly facilitated the import of tens of millions of barrels of Iranian crude since February 2022.
Sanctions were also imposed on Chinese national Xingchun Li, alongside two maritime companies involved in deceptive shipping practices that jeopardize maritime trade routes.
“The vessels managed by these companies play a key role in the Iranian export supply chain,” the State Department stated.
The U.S. maintains that such actions are critical to combating Tehran’s financial support of terrorism and militancy in the region.
Additionally, the Treasury warned of sanctions on any firms paying “tolls” for transit through the vital Strait of Hormuz, reflecting the broader strategy to target illicit oil revenue streams and crackdown on activity aiding Iranian entities.
This escalation comes amidst heightened tensions in the Middle East as the U.S. continues to exert pressure on Iran.

The U.S. on Friday imposed sanctions on three Iranian currency exchanges and a China-based crude terminal operator to disrupt Tehran's illicit oil trade, as the Treasury Department aims to hinder revenue streams that support terrorism and regional destabilization, according to officials.