The U.S. Department of the Treasury’s Office of Foreign Assets Control has designated five companies in Hong Kong and the United Arab Emirates under Executive Order 13224 for supporting Sepehr Energy Jahan Nama Pars Company, the oil sales arm of Iran’s Armed Forces General Staff. The action targets parts of the network used to charter vessels, handle cargoes, manage storage and port costs, and procure petroleum products in support of Iranian military oil trade and related revenue flows. Growth Trading Co., Limited and Damai Technology Development Limited were designated for materially assisting Sepehr Energy Jahan. Tida Co., Limited, Mehdiyev Trading Co., Limited, and Worth Seen Energy Limited were designated for acting for or on behalf of, or being owned, controlled, or directed by, Sepehr Energy Jahan. Treasury linked Tida to shipments of nearly two million barrels of Iranian crude oil worth more than USD 100 million to China in early 2024 and to another nearly two million barrel delivery in early 2025, linked Mehdiyev to payments tied to storage and port fees for Iranian oil in Qingdao, and said Worth Seen procured hundreds of thousands of barrels of gasoline for the National Iranian Oil Company in January 2025. As a result, U.S. property and interests in property of the designated persons are blocked, U.S. persons are generally barred from dealing with them, and foreign financial institutions may face secondary sanctions risk for significant transactions involving them. Treasury also noted that the U.S. Department of State’s Rewards for Justice program is offering up to USD 15 million for information leading to the disruption of the financial mechanisms of the Islamic Revolutionary Guard Corps and its branches.
U.S. Department of the Treasury2026-05-28
U.S. Department of the Treasury sanctions five Hong Kong and UAE companies tied to Iran military oil sales
The U.S. Department of the Treasury’s Office of Foreign Assets Control has designated five companies in Hong Kong and the United Arab Emirates under Executive Order 13224 for supporting Sepehr Energy Jahan Nama Pars Company, the oil sales arm of Iran’s Armed Forces General Staff. Treasury linked the firms to chartering vessels, handling cargoes, managing storage and port costs, and procuring petroleum products for Iranian military oil trade. U.S. persons are generally barred from dealings, and foreign financial institutions face secondary sanctions risk for significant transactions. The State Department’s Rewards for Justice program is offering up to USD 15 million for information disrupting the financial mechanisms of the Islamic Revolutionary Guard Corps and its branches.