U.S. Sanctions Tighten Grip on Iran-China Oil Trade

Sun, 03 May 2026 00:00:00 +0000

The United States has moved to disrupt Iran’s illicit oil trade, sanctioning a China-based petroleum terminal operator, Iranian currency exchange houses, and associated networks in a coordinated State and Treasury action announced May 1, 2026.

The primary target is Qingdao Haiye Oil Terminal Co., Ltd., a Chinese terminal operator that has imported tens of millions of barrels of sanctioned Iranian crude oil since the announcement of National Security Presidential Memorandum 2 (NSPM-2). Haiye allegedly accepted cargo from vessels conducting ship-to-ship transfers with already-sanctioned ships, enabling billions of dollars to flow to Tehran through layered evasion schemes. The deceptive shipping practices involved also posed risks to legitimate maritime commerce.

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U.S. Sanctions Tighten Grip on Iran-China Oil Trade