U.S. issues new sanctions over Iran’s oil shipments to China
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- U.S. Treasury announced on May 11, 2026 sanctions on three individuals and nine companies—including four in Hong Kong, four in the UAE, and one in Oman—for facilitating Iran’s IRGC oil shipments to China.
- Scott Bessent said the Trump administration will keep using sanctions to cut off IRGC funding for weapons, nuclear programs, and proxies, and the State Department offered a $15 million reward for tips on disrupting IRGC financial networks.
- Golden Globe, a Turkey‑based firm, was sanctioned in July 2025 for handling hundreds of millions of dollars in IRGC oil sales.
- Hong Kong Blue Ocean Ltd, identified by Treasury as a cover company, arranged the sale and shipment of Iranian oil to China.
- President Trump is slated to meet Xi Jinping days after the sanctions, seeking Chinese assistance to resolve the Iran standoff and reopen the Strait of Hormuz.
Why it matters: U.S. firms lose a revenue stream as the IRGC’s oil‑sale network is choked, while the Treasury gains leverage over Tehran and Beijing ahead of Trump’s Xi talks, tightening financial pressure on Iran’s war chest.
