Chicago – May 09, 2026
The U.S. Treasury on Friday announced sanctions against 10 individuals and companies, including several in China and Hong Kong, over accusations they aided Iran’s efforts to secure weapons and the raw materials needed to build its Shahed drones and ballistic missiles.
The Treasury move, first reported by Reuters, comes days before U.S. President Donald Trump plans to travel to China for a meeting with President Xi Jinping and as efforts to end the war with Iran have stalled.
In a statement, Treasury said it remained ready to take economic action against Iran’s military industrial base to prevent Tehran from reconstituting its production capacity.
Treasury said it was also prepared to act against any foreign company supporting illicit Iranian commerce, including airlines, and could impose secondary sanctions on foreign financial institutions that aid Iran’s efforts, including those connected to China’s independent “teapot” oil refineries.
