The Trump administration just took a sledgehammer to Iran's oil lifeline, sanctioning more than 50 individuals, companies, and ships tied to Tehran's energy smuggling empire.
Treasury Secretary Scott Bessent said Thursday the move is aimed at "degrading Iran's cash flow by dismantling key elements of Iran's energy export machine."
He said the move will cripple the regime's ability to bankroll terror groups.
The sanctions zero in on a massive network moving billions in illicit oil and liquefied petroleum gas (LPG).
Nearly two dozen "shadow fleet" tankers, a Chinese crude terminal, and even an independent teapot refinery are all now in Washington's crosshairs.
And once again, China is a central player.
The Rizhao oil terminal and Shandong Jincheng Petrochemical, a key "teapot" refinery, were nailed for buying millions of barrels of Iranian crude since 2023, the Treasury Department said.
This marks the fourth round of Trump-era sanctions against Chinese buyers ignoring U.S. warnings.
United Arab Emirates-based firms Amita Petrochemical, Markan White, and Slogal Energy acted as middlemen funneling Iranian LPG to South Asia.
Shell companies in Hong Kong, meanwhile, shuffled tens of millions through offshore accounts. Panama and Marshall Islands shipping outfits provided the tankers.
Some ships were even tied to U.S.-designated Houthi terror financier Sa'id al-Jamal, who arranged Iranian LPG deliveries as recently as 2024.
The sanctions fall under executive orders targeting Iran's petroleum sector and reinforce President Trump's maximum economic pressure strategy.
Officials said today's actions build on penalties levied in July and August.
All U.S. property tied to the named entities is now frozen. Any American caught doing business with them risks steep civil or criminal penalties.
"The message is clear," Bessent said. "Under President Trump, the United States will not allow Iran to bankroll terror by exploiting global oil markets."
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