The U.S. Treasury Department announced on May 11 that it is sanctioning 12 new targets as part of its “Economic Fury” initiative to cripple Iran’s military and economic capacity.

“Today, the Department of the Treasury ... is designating 12 individuals and entities for their roles enabling the Islamic Revolutionary Guard Corps’ (IRGC) sale and shipment of Iranian oil to the People’s Republic of China,” the department’s statement reads.

The IRGC is a militant arm of the Iranian regime, and has been known to operate independently of civilian authorities.

“The IRGC relies on front companies in permissive economic jurisdictions to obfuscate its role in oil sales and funnel the revenue to the Iranian regime. Instead of using this revenue to support the struggling Iranian people, the regime directs it toward weapons development, backing terrorist proxies, and funding security forces that suppress citizens’ freedoms,” the Treasury wrote.

According to the Treasury’s Office of Foreign Assets Control (OFAC), three individuals and nine companies accused of having ties to Iran are among the targets.

The nine companies are Hong ⁠Kong-based Hong Kong Blue Ocean Ltd. and Hong Kong-based Hong Kong Sanmu Ltd., Dubai-based ​Ocean Allianz Shipping LLC and Sharjah-based Atic Energy FZE, Oman-based Zeus Logistics Group, Hong Kong-based Jiandi HK Ltd., Hong Kong-based Max Honor ⁠International Trade ​Co. Ltd.; Dubai-based Blanca Goods Wholesaler LLC.; Dubai-based Universal Fortune Trading LLC.

The three individuals targeted are linked to the IRGC’s Shahid Purja'fari Oil Headquarters, coordinating ​payments through Golden Globe.

Golden had previously been targeted for sanctions in July 2025.

The United States currently maintains a strict global trading ban on Iranian oil as the United States demands that the Iranian regime end all nuclear development.

While the U.S. military has sought to enforce the trading ban, the Treasury has worked to assist in the effort through sanctions, asset seizures, and other measures as part of the Economic Fury initiative.

Treasury Secretary Scott Bessent said the administration ​would keep using the method to deprive the Iranian government and military of funding for weapons, its nuclear program, or support for proxies in the region.

“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,” Bessent said. “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 sanctions, linked to China’s purchase of Iranian oil, come 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.

Reuters contributed to this report.