The U.S. Treasury Department has sanctioned nine individuals and entities accused of supporting Iranian weapons procurement activities.
Summary
- OFAC sanctioned nine actors linked to Iranian weapons procurement networks.
- Treasury referenced earlier enforcement involving nearly $1B in frozen Iran crypto assets.
- China and Hong Kong-based actors allegedly supported financial and sourcing channels.
The action targets actors based in China and Hong Kong who allegedly facilitated financial transactions and sourcing operations. Treasury announced the measures under its Economic Fury campaign and linked the network to Iran’s military procurement structure.
Treasury expands economic fury enforcement
The Office of Foreign Assets Control announced the sanctions on Wednesday and identified nine targets connected to Iranian procurement operations. Treasury said the network supported weapons sourcing efforts for Iran’s Islamic Revolutionary Guard Corps and the Ministry of Defense and Armed Forces Logistics. Officials stated that the designated actors used offshore financial channels to support restricted procurement activities.
According to Treasury, the action forms part of the Economic Fury campaign against foreign networks supporting Iranian operations. The agency stated that procurement channels relied on international intermediaries and financial facilitators. Treasury also referenced earlier enforcement efforts involving nearly $1 billion in Iranian crypto assets that authorities froze.
Treasury said the sanctioned parties helped move funds through offshore systems while supporting procurement transactions. Officials added that these networks maintained links to organizations already subject to U.S. restrictions. The agency stated that the designations seek to disrupt access to foreign suppliers and financial services.
Chinese and Hong Kong actors face sanctions
Among the designated individuals, Treasury identified Chinese national Liu Boyu. Officials alleged that he operated through intermediaries connected to companies based in Hong Kong. Treasury stated that those channels assisted transactions connected to defense procurement activities.
Authorities said Liu participated in procurement support operations on behalf of Iranian entities. Treasury added that financial intermediaries helped facilitate payments tied to international sourcing efforts. Officials linked those transactions to procurement activities involving restricted military supplies.
Hong Kong-based Mustad Limited also appeared on the sanctions list. Treasury alleged that the company acted as an intermediary in financial transactions tied to procurement arrangements. Officials stated that the company maintained links to activity connected with earlier enforcement actions.
Executive orders provide a legal basis
Treasury imposed the sanctions under Executive Orders 13382 and 13902. Officials said the orders target weapons proliferation networks and financial activity linked to Iran. Treasury stated that both authorities support enforcement against procurement and financing structures.
According to the agency, Executive Order 13382 addresses entities involved in weapons proliferation activities. Executive Order 13902 targets sectors of Iran’s economy that support sanctioned operations. Treasury said these authorities provide tools to pursue foreign facilitators and intermediaries.
The department stated that sanctioned individuals and companies now face asset blocking measures under U.S. jurisdiction. Treasury also prohibits U.S. persons from engaging in transactions with designated parties. The announcement identified Mustad Limited as a company previously linked to a May 2026 designation action.
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