US sanctions nine China- and Hong Kong-based individuals and firms over arms supply to Iran

WASHINGTON, United States — WASHINGTON — The US Treasury Department imposed sanctions on nine individuals and companies based in China and Hong Kong for facilitating weapons procurement on behalf of Iran's Islamic Revolutionary Guard Corps and Ministry of Defense. The action, announced under the department's "Economic Fury" program, was signed into effect by the president. Treasury Secretary Scott Bessent said the measures target foreign procurement networks supporting Iran's military arms-acquisition efforts, as part of a broader push to dismantle what he described as the country's war machine. The Treasury's Office of Foreign Assets Control (OFAC) carried out the designations. The sanctions list includes Liu Boyu, the director of Hong Kong-based Mustad Limited — previously sanctioned — along with the company's employees Wang Hongyi and Xu Lichun. Hong Kong-based Domus Trading Limited was also added for facilitating transactions tied to weapons purchases within Iran's clandestine banking network. Iranian national Manouchehr Golshchin, residing in China, and his Chinese partner Meng Shaobai were sanctioned for brokering weapons purchases from China for Iran's Ministry of Defense. The Treasury Department said it will continue to target external financial networks that sustain Iran's weapons production and proliferation capabilities. No further details were immediately available.