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….