US issues new sanctions over Iran's oil shipments to China ahead of Trump's visit

The U.S. government on Monday (May 11) announced sanctions against three people and nine companies, including four based in Hong Kong and four in the United Arab Emirates, for aiding Iran's shipment of oil to China. The ninth company is based in Oman.

The Treasury move follows sanctions announced on Friday on individuals and companies aiding Iranian purchases of weapons and components used to make drones and ballistic missiles. 

It comes days before U.S. President Donald Trump's planned meeting with Xi Jinping, where he is expected to press the Chinese leader to help resolve the standoff with Iran and reopen the critical Strait of Hormuz.

Treasury said the new designations by the Office of Foreign Assets Control (OFAC) were aimed at individuals and entities that helped Iran's Islamic Revolutionary Guard Corps sell and ship its allotment of Iranian oil to China using a series of front companies.

Treasury Secretary Scott Bessent said the Trump administration would continue to ratchet up pressure on Tehran to deprive the Iranian government and military of funding for weapons, its nuclear program or support for proxies in the region.

“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 said.

The IRGC, which is designated by Washington as a terrorist organization, relies on shell companies to arrange and receive payment for its allotment of Iranian oil shipments, Treasury said. Monday's action builds on sanctions imposed in July 2025 on Golden Globe, a Turkey-based cover company that Treasury said handles hundreds of millions of dollars in IRGC oil sales annually.

The three people sanctioned by the United States work for the IRGC's Shahid Purja'fari oil headquarters, coordinating payments through Golden Globe, Treasury said.

The companies targeted include:

• Hong Kong-based Hong Kong Blue Ocean Ltd and Hong Kong-based Hong Kong Sanmu Ltd, both of which Treasury described as cover companies that arrange the sale and shipment of Iranian oil.

• Dubai-based Ocean Allianz Shipping LLC and Sharjah-based Atic Energy FZE, which facilitated shipments of Iranian oil on five sanctioned shadow fleet tankers in 2025.

• Oman-based Zeus Logistics Group, which arranged vessels to carry Iranian oil cargoes.

• Hong Kong-based Jiandi HK Ltd, which signed a deal with the IRGC to purchase tens of millions of dollars of Iranian oil.

• Hong Kong-based Max Honor International Trade Co Ltd, which purchased millions of barrels of Iranian oil from the IRGC in 2025.

• Dubai-based Blanca Goods Wholesaler LLC

• Dubai-based Universal Fortune Trading LLC, which Treasury said had also been used as a front company by the National Iranian Oil Company (NIOC).

-Paul Vieira/Reuters