US 'Operation Economic Fury' Targets IRGC's Iran-China Crude Pipeline: 12 Individuals and Entities Listed
The US Treasury Department has designated 12 individuals and entities for their roles facilitating the Islamic Revolutionary Guard Corps (IRGC)'s sale and shipment of Iranian oil to China. Carried out by the Office of Foreign Assets Control (OFAC) under counterterrorism authority, the action is the latest wave under Washington's 'Operation Economic Fury' sanctions push.
The move targets a web of front companies spanning Hong Kong, Dubai, Sharjah and Oman that the IRGC uses to launder oil revenues and obscure its role in international crude sales. Treasury Secretary Scott Bessent said: "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. Treasury will continue to cut the Iranian regime off from the financial networks it uses to carry out terrorist acts and to destabilise the global economy."
Among those designated are three senior officials of the IRGC's Shahid Purja'fari Oil Headquarters: chief Ahmad Mohammadi Zadeh, finance chief Samad Fathi Salami, and commercial chief Mohammadreza Ashrafi Ghehi. The three coordinated payments through cover company Golden Globe — previously sanctioned in July 2025 — and worked to resolve debts owed by sanctioned Chinese energy group Haokun. On the corporate side, Hong Kong-based Blue Ocean Limited is also listed.
From a supply chain perspective, this latest sanctions wave shows that US pressure on Iran-China dark-fleet tanker operations is becoming a permanent mechanism. Disrupting the pipeline — which runs on AIS spoofing, ship-to-ship transfers and false flag swaps — is aimed at cutting Iranian exports from the 2-2.5 million barrels/day range. Following the US blockade in early May 2026, 41 Iranian tankers are reported to be holding 69 million barrels of crude in floating storage. The pressure on the Hong Kong-Dubai-Sharjah financial network is designed to break the 'one-month-cycle' refresh rate of new shell firms.
Key Takeaways:
1. US Treasury designated 12 individuals and entities facilitating the IRGC's Iran-China oil pipeline.
2. OFAC action under counterterrorism authority, part of 'Operation Economic Fury.'
3. Front-company network across Hong Kong, Dubai, Sharjah and Oman is in the crosshairs.
4. Three senior officials of the IRGC's Shahid Purja'fari Oil HQ are on the list.
5. Following the US blockade, 41 Iranian tankers are holding 69M barrels of crude in floating storage.
