An oil refinery in Iran. AP Yonhap News. 

The United States has imposed sanctions on companies that imported Iranian oil, including Chinese refineries, in an effort to block Iran's oil exports, a key source of the country's funding.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on the 9th (local time) that it is sanctioning more than 50 individuals, entities, and vessels that facilitated the sale and shipment of Iranian oil and liquefied petroleum gas (LPG).

The Treasury Department explained that these parties enabled the export of billions of dollars worth of oil and petroleum products, providing critical revenue for the Iranian regime and the terrorist groups that Iran supports to threaten the United States.

The sanctioned targets include a multinational network involved in the sale of Iranian LPG, more than 20 vessels in a "shadow fleet" that used falsified nationalities to evade sanctions, and crude oil terminals and refineries based in China.

"The Treasury Department is dismantling key elements of Iran's energy export machinery to weaken the regime's cash flow," said Treasury Secretary Scott Bessent. "Under President Donald Trump, this administration is hindering the Iranian regime's ability to fund terrorist groups that threaten the United States."

The Treasury Department stated that this marks the fourth time the Trump administration has sanctioned China-based refineries for purchasing Iranian oil.

The Treasury also announced a series of sanctions targeting Iran's oil exports in July and August.

Those designated for sanctions will have all of their assets within U.S. jurisdiction frozen, and U.S. persons and companies are prohibited from conducting transactions with them.

Yonhap News