US Imposes New Sanctions on Oil Network Over Iranian Crude Trade

ERBIL (Kurdistan24) – The United States on Thursday announced a new round of sanctions targeting entities linked to Iran’s oil trade, in a move aimed at cutting off revenue streams that Washington says are used to fund terrorism and regional destabilization.

According to a statement from the Department of State, sanctions were imposed on two China-based crude oil and petroleum storage operators accused of facilitating the import of millions of barrels of illicit Iranian oil through U.S.-designated tankers. This marks the fourth round of sanctions by Washington targeting Chinese terminal operators, which the U.S. says play a central role in sustaining Iran’s crude oil trade.

“The United States is stemming the flow of revenue the Iranian regime uses to fund its destabilizing activities, including its support for terrorism abroad and the oppression of its own people,” the statement said.

In a parallel move, the U.S. Department of the Treasury sanctioned Greek national Antonios Margaritis and his network of companies, accusing them of exploiting their influence in the oil industry to facilitate the illicit trade of Iranian petroleum. Several other entities and vessels involved in transporting Iranian oil were also blacklisted.

The sanctions come amid heightened tensions in the Middle East, where U.S. officials have repeatedly accused Iran of using oil revenues to support proxy groups across the region, including Hezbollah in Lebanon, militias in Iraq and Syria, and the Houthis in Yemen.

China has been a key buyer of Iranian oil despite U.S. sanctions, with analysts estimating that clandestine shipments to Chinese ports have provided Iran with billions of dollars in revenue annually. The latest U.S. measures underscore Washington’s determination to tighten the noose around this trade network.