US Cracks Down on Iranian Oil Trafficking with Seizures and Criminal Charges

The United States has unveiled charges and seizures related to a billion-dollar oil trafficking network allegedly financing Iran's Islamic Revolutionary Guard Corps (IRGC) and other militant groups, in response to aggressive actions by Iran. The US Department of Justice seized over $108 million laundered by a Chinese company and more than 520,000 barrels of Iranian oil aboard a tanker. Seven defendants, including a Turkish national and the son of a former IRGC commander, were charged in connection with the seized money. Additionally, a Chinese woman and an Omani man were charged with Iran sanctions evasion and money laundering related to the trafficking and selling of Iranian oil to Chinese government-owned refineries. Despite US sanctions, Iran's crude exports and oil output reached new highs in 2023, with Iranian oil making up about 10% of China's crude imports.