US Targets Iran Oil Trade Network, Sanctions China-Based Terminal, Shipping Firms And Financial Intermediaries

The United States has imposed new sanctions on a network linked to Iran’s oil trade, targeting a China-based terminal operator, vessel management companies, and financial intermediaries involved in handling oil revenues.

The US Department of State said the action is aimed at cutting off what it sees as a key source of funding for Iran.

The measures include sanctions on Qingdao Haiye Oil Terminal Co., Ltd., a Chinese petroleum terminal operator that has imported tens of millions of barrels of Iranian crude oil since February last year.

According to US officials, the company helped move Iranian oil despite existing restrictions.

The shipments were carried out using methods designed to avoid detection, including ship-to-ship transfers involving sanctioned vessels.

Authorities also pointed to the use of deceptive shipping practices, which they said can put other ships and normal trade routes at risk.

The US also sanctioned Xingchun Li, identified as the president of Qingdao Haiye.

Alongside him, two vessel management companies, UK-based Thriving Times International and Hong Kong-based Onboard Ship Management Limited, were also designated.

Officials said these companies are linked to vessels operating in what is often described as a “dark fleet,” used to transport Iranian petroleum outside regular systems.

These vessels have been involved in activities such as switching off tracking systems and carrying out transfers at sea to hide cargo movements.

In a separate move, the US Department of the Treasury targeted Iran’s financial network by sanctioning three currency exchange houses and their associated companies and individuals.

These include Pedram Pirouzan and Associates Partnership Company, known as Opal Exchange; Nasser Ghasemi Rad and Associates Partnership Company, known as Radin Exchange; and Tahayyori and Associates Partnership Company, also called Arz Iran Exchange.

US authorities said these exchange houses handle billions of dollars each year, helping convert oil earnings into usable foreign currency. The funds are then used by the Iranian government and its associated groups.

At the same time, the Treasury issued a warning to the maritime industry. It said that companies paying any form of “toll” to Iranian entities for safe passage through the Strait of Hormuz could face sanctions.

The advisory signals increased monitoring of financial and operational links connected to ships moving through the region.

US officials said the measures are part of ongoing efforts to limit Iran’s ability to earn from oil exports and use those funds. They added that further action could be taken against those involved in similar activities.

The Strait of Hormuz remains one of the world’s most important routes for oil shipments, and any increase in enforcement or restrictions could affect tanker operations and trade flows in the region.

Reference: US Department of State