The Big Story 

The Treasury Department announced on Tuesday that it has sanctioned a network of more than 20 companies it says have supplied Iranian oil to China.

© Greg Nash

The department’s Office of Foreign Assets Control (OFAC) sanctioned nearly two dozen firms that it says have assisted in dispatching billions of dollars’ worth of oil to Beijing.

“Today’s action underscores our continued focus on intensifying pressure on every aspect of Iran’s oil trade, which the regime uses to fund its dangerous and destabilizing activities,” Treasury Department Secretary Scott Bessent said in a statement Tuesday.

“The United States will continue targeting this primary source of revenue, so long as the regime continues its support for terrorism and proliferation of deadly weapons,” Bessent added.

State Department spokesperson Tammy Bruce said the revenue from the sale of the oil funds helped in the development of “ballistic missiles and unmanned aerial vehicles (UAVs), nuclear proliferation, and Iran’s terrorist proxies, including the Houthis’ attacks on Red Sea Shipping, the U.S. Navy, and Israel.” 

Read more from Filip Timotija at TheHill.com.

Welcome to The Hill’s Energy & Environment newsletter, I’m Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.

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