US Sanctions 10 Chinese, Hong Kong Firms Supporting Iran

The U.S. Treasury Department on the 8th (local time) added 10 Chinese and Hong Kong companies and individuals aiding Iran's weapons and drone production to its sanctions list. This action means the targeted companies and individuals will face restrictions on accessing the U.S. financial system or transacting with American companies.

The U.S. Treasury Department stated that these sanctions are aimed at Iran's military-industrial supply chain, intending to make it difficult for Iran to procure necessary materials for drone and missile production. Among the sanctioned entities are China-based companies such as Yushita Shanghai International Trade, accused of supporting Iran's purchase of Chinese weapons, and Hitech Insulation, suspected of supplying materials for ballistic missiles. All these companies are based in China.

In a statement, the U.S. Treasury Department announced its readiness to continue imposing economic measures targeting Iran's military-industrial base to prevent the rebuilding of its production capabilities. It also added that it is prepared to take further sanctions against foreign companies, including airlines, that facilitate Iran's illicit trade. The Treasury increased pressure on Iran's crude oil trade network, warning of potential secondary sanctions on foreign financial institutions linked to China's independent small refiners. Treasury Secretary Scott Bessent stated that measures would continue against foreign individuals and companies providing weapons to Iran's military.