Treasury Targets Oil Network Generating Hundreds of Millions of Dollars for Iran’s Military

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning an international network for facilitating the shipment of millions of barrels of Iranian crude oil worth hundreds of millions of dollars to the People’s Republic of China (PRC). The oil was shipped on behalf of Iran’s Armed Forces General Staff (AFGS) and its sanctioned front company, Sepehr Energy Jahan Nama Pars (Sepehr Energy). This action includes entities and individuals in multiple jurisdictions, including the PRC, India, and the United Arab Emirates (UAE), as well as several vessels.Iran generates the equivalent of billions of dollars each year via oil sales to fund its destabilizing regional activities and support of multiple regional terrorist groups, including Hamas, the Houthis, and Hizballah.