US sanctions Qingdao Haiye over Iranian crude imports, warns on Strait of Hormuz toll payments

The US imposed new sanctions on Friday, targeting a China-based crude oil terminal operator accused of handling Iranian petroleum. US agencies also cautioned the maritime industry about possible penalties tied to payments for Strait of Hormuz transit. The steps aimed to limit Iranian oil revenue and related financial networks, according to US government statements.

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US Department of State spokesman Tommy Pigott said the measures were meant to curb Iranian oil trade and its wider effects. "The US is taking decisive action to disrupt Irans illicit oil trade, the Iranian regimes primary revenue streams that fund terrorism and regional destabilization,\" Pigott said in a statement. Pigott added that several parties faced sanctions.

US sanctions Iranian petroleum trade and Strait of Hormuz toll warnings

In a separate move, the US Department of Treasury issued an alert to shipping and maritime firms. The alert said toll payments to the Iranian regime for safe passage through the Strait of Hormuz could lead to sanctions exposure. US officials presented the warning as part of efforts to deter financial links tied to Iran.

Pigott said the State Department sanctioned multiple entities, an individual, and a vessel involved in trading Iranian petroleum and petroleum products. The main target was Qingdao Haiye Oil Terminal Co., Ltd., described as a China-based petroleum terminal operator. US officials said the company imported tens of millions of barrels of sanctioned Iranian crude oil since February last year.

US sanctions target China-based Iranian petroleum terminal operator and vessels

The US also sanctioned Xingchun Li, identified as a Chinese national and president of QINGDAO HAIYE. Two vessel management firms were also listed. They were UK-based Thriving Times International and Hong Kong-based Onboard Ship Management Limited. US officials linked the action to measures aimed at \"dark fleets\" moving Iranian petroleum products.

The State Department said vessels managed by the two firms were important to the Iranian export supply chain. The department said these vessels often engaged in dark activity and deceptive shipping practices. It said such conduct could endanger other vessels and disrupt trade flows in affected routes.

US sanctions include Iranian foreign currency exchange houses and front companies

The Treasury also designated three Iranian foreign currency exchange houses and related front companies. US officials said the network facilitated billions of dollars in foreign currency transactions each year. The named entities were Pedram Pirouzan and Associates Partnership Company or Opal Exchange, Nasser Ghasemi Rad and Associates Partnership Company or Radin Exchange, and Tahayyori and Associates Partnership Company, known as Tahayyori Guarantee Society or Arz Iran Exchange.

Across the actions, US officials linked the sanctions and warnings to curbing Iranian oil exports and connected financial flows. The measures included penalties aimed at Qingdao Haiye Oil Terminal Co., Ltd., related individuals, vessel management firms, and Iranian exchange houses. The US also restated that maritime toll payments tied to Strait of Hormuz passage could increase sanctions risk.

With inputs from PTI