Why did the US sanction a Chinese oil terminal and three Iranian currency exchanges?

The US sanctioned Qingdao Haiye Oil Terminal Co. for allegedly trading Iranian oil using deceptive shipping practices to import tens of millions of barrels of sanctioned crude, and sanctioned three Iranian currency exchanges for helping launder billions of dollars—including converting oil sales made primarily in Chinese yuan into other legal tender—to evade sanctions and repatriate funds for Tehran.

What is the US warning shippers about regarding payments to Iran for passage through the Strait of Hormuz?

The US Treasury’s Office of Foreign Assets Control warned that any payment of tolls to Iran for safe passage through the Strait of Hormuz—whether made via regular currency, digital assets, informal swaps, or donations to the Iranian Red Crescent Society—would violate US sanctions, regardless of the method used.

US Sanctions Iranian Currency Exchanges and Chinese Oil Terminal Over Crude Purchases

May 1, 2026

The US Treasury sanctioned Iranian currency exchanges and a Chinese oil terminal for facilitating crude sales, intensifying pressure on Tehran amidst Strait of Hormuz tensions. These actions target Iran's revenue streams and could significantly impact global energy supply chains.

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US Sanctions Iranian Currency Exchanges and Chinese Oil Terminal Over Crude Purchases

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