Economic Fury Ramps Up Pressure on Iran’s Islamic Revolutionary Guard Corps Oil Operations

WASHINGTON—Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) 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 permissive economic jurisdictions to obfuscate its role in oil sales and funnel the revenue to the Iranian regime. Instead of using this revenue to support the struggling Iranian people, the regime directs it toward weapons development, backing terrorist proxies, and funding security forces that suppress citizens’ freedoms.“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,” said Secretary of the Treasury Scott Bessent.