‘Economic Fury’: US designates 12 entities for enabling sale of Iranian oil to China

WASHINGTON: The United States on Monday (local time) designated 12 individuals/entities for their role in enabling the Islamic Revolutionary Guard Corps’ (IRGC) sale and shipment of Iranian oil to China.

In a press statement shared on Monday, the Treasury Department accused the IRGC of using the revenue to direct it towards weapons development, backing terrorist proxies and funding security forces, which it said suppressed citizens’ freedoms instead of supporting the Iranian people.

The statement said that the action was taken pursuant to the counterterrorism authority Executive Order (E.O.) 13224, as amended, which targets terrorist groups, their supporters, and those who aid in acts of terrorism. It noted that violations of US sanctions may result in the imposition of civil or criminal penalties on US and foreign persons and that the Office of Foreign Assets may impose civil penalties for sanctions violations on a strict liability basis.

Today, Treasury’s Office of Foreign Assets Control is designating 12 individuals and entities for their roles enabling the Islamic Revolutionary Guard Corps’ (IRGC) sale and shipment of Iranian oil to the People’s Republic of China. The IRGC relies on front companies in…

— Treasury Department (@USTreasury) May 11, 2026

On the move, Secretary of the Treasury Scott Bessent said that Economic Fury WILL continue to deprive Iran of funding for its weapons programmes, terrorist proxies, and nuclear ambitions.

As Iran’s military desperately tries to regroup, Economic Fury will continue to deprive the regime of funding for its weapons programs, terrorist proxies, and nuclear ambitions. Treasury will continue to cut the Iranian regime off from the financial networks it uses to carry out… https://t.co/nenSlWtW8T

— Treasury Secretary Scott Bessent (@SecScottBessent) May 11, 2026

“As Iran’s military desperately tries to regroup, Economic Fury will continue to deprive the regime of funding for its weapons programs, terrorist proxies, and nuclear ambitions. Treasury will continue to cut the Iranian regime off from the financial networks it uses to carry out terrorist acts and to destabilize the global economy”, Bessent posted on X.

The statement highlighted how the Treasury is aggressively advancing Economic Fury and claimed to have disrupted billions in projected oil revenue, taken actions that have led to the freezing of nearly half a billion dollars in regime-linked cryptocurrency, and cracked down on Tehran’s shadow banking networks.

It added that it is also prepared to take action against any foreign company, “supporting illicit Iranian commerce, including airlines, and, as necessary, may impose secondary sanctions on foreign financial institutions that facilitate Iran’s activities — including those connected to the People’s Republic of China’s independent “teapot” oil refineries”. The statement also noted how, via the blockade, the Trump Administration is directly targeting the regime’s primary revenue stream.

As the situation continues to evolve in West Asia and the Gulf region, the UK Navy said on Monday that its warship HMS Dragon is heading to the Middle East ahead of a potential multinational Strait of Hormuz mission. This comes ahead of the first meeting being hosted by the UK and France of the Strait of Hormuz coalition of defence ministers.

Al Jazeera Breaking reported on Monday that Lithuania plans to deploy troops to protect shipping in the Strait of Hormuz. (ANI)