U.S. sanctions IRGC oil sales network in 'Economic Fury' push
by Darryl Coote · UPIMay 12 (UPI) -- The United States has sanctioned a dozen individuals and entities accused of enabling the elite Islamic Revolutionary Guard Corps' sale of Iranian oil to China, as the Trump administration intensifies its maximum pressure campaign on Tehran amid a stalemate in war-ending negotiations.
The designations announced Monday target the IRGC's Shahid Purja'fari Oil Headquarters, which the Treasury accuses of coordinating payments through Golden Globe Demir Celik Petrol Sanayi ve Ticaret Anonim Sirketi, which the Trump administration blacklisted in July.
Treasury officials said Shahid Purja'fari Oil Headquarters' chief, Ahmad Mohammadi Zadeh, has worked to resolve debts owed to the IRGC by Haokun Energy Group, which the Biden administration sanctioned in May 2022.
Other entities hit with designations on Monday include Hong Kong-based Hong Kong Blue Ocean Limited and Hong Kong Sanmu Limited, both of which are accused of performing a similar role to Golden Globe by arranging the sale and shipment of Iranian oil to overseas buyers.
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"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," Treasury Secretary Scott Bessent said in a statement.
"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."
The Trump administration has branded the use of its economic vise on Tehran "Economic Fury," a play on its Epic Fury military campaign that began with joint U.S. and Israeli strikes on Feb. 28.
The war has settled into a fragile cease-fire since early last month as the two sides seek an agreement to end the war.
Meanwhile, Trump has turned to his maximum pressure campaign to try to further financially squeeze Tehran into signing one.
Alongside the sanctions announced Monday, the State Department's Rewards for Justice program offered a reward of up to $15 million for information leading to the disruption of the IRGC's various financial mechanisms, including criminal schemes, front companies and investments owned or controlled by the elite military unit.
"The United States will continue denying the Iranian regime access to revenue that funds terrorism, threatens regional stability and enables attacks on U.S. forces and allies," State Department spokesperson Thomas Pigott said in a statement.