US sanctions Iranian exchange houses handling oil revenue from China

The US Treasury's Office of Foreign Assets Control has sanctioned three Iranian foreign currency exchange houses, according to Al-Monitor. The outlet reports that the firms handle billions of dollars in currency transactions a year and help convert Chinese yuan earned from oil sales into money usable by Iran's military and its proxies. The move followed sanctions the previous week on China's second-largest independent teapot refinery. Al-Monitor notes that before the war China took 80–90% of Iran's oil exports, carried largely by shadow fleet tankers. Treasury Secretary Scott Bessent said Washington would target the government's ability to "generate, move, and repatriate funds". The measures form part of the administration's Economic Fury campaign.

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