The United States is moving to block all remaining routes Iran uses to export oil to China, warning Hong Kong-based banks not to support these transactions, according to a Bloomberg report citing unnamed sources.
In early April, officials from the U.S. Department of the Treasury visited Hong Kong. They met with local bankers and cautioned them against providing financial services that could help Iran sell oil to Chinese buyers.
The Treasury delegation urged the banks to conduct thorough checks to uncover the real owners behind front companies. They also asked banks to report suspicious transactions, including those conducted in non-U.S. dollar currencies.
These efforts are part of Washington’s broader strategy to enforce sanctions on Iran. The U.S. campaign, reinvigorated under President Donald Trump’s “maximum pressure” policy, has increasingly targeted Chinese independent refiners—often referred to as “teapots”—that purchase Iranian oil.
U.S. authorities have also sanctioned entities in other regions that support this oil trade. The visit to Hong Kong preceded fresh sanctions imposed this week on several shipping operators and energy traders based in the city.
Among them were companies like Metaone Trading Limited, South Sea Energy Limited, Continental Sinoil Group Limited, Winso Trading Limited, and Singapore’s Oriental Apple Company PTE Ltd. According to the Treasury, these firms received millions of barrels of Iranian oil earlier this year through a front company tied to Sepehr Energy. The shipments were likely intended for small Chinese refineries near Qingdao in Shandong province.
The U.S. continues to increase pressure on both Iran and the firms that help it bypass sanctions, aiming to cut off Tehran’s key source of revenue.
Related Topics:
- Kazakhstan Continues to Surpass OPEC+ Quota with Record Oil Production
- Azerbaijani Oil Price Approaches $79 on Global Markets
- Kazakh CPC Oil Exports Limited to 700,000 bpd Following Russian Suspension