US Targets Chinese Shipping Firms for Transporting Iranian Oil

The US has imposed sanctions on 10 Chinese shipping companies and eight tankers for allegedly transporting Iranian oil, despite US sanctions on Iran's oil exports. The move effectively freezes the companies' assets in the US and prohibits US businesses from working with them.

The sanctioned companies are based in Hong Kong and mainland China, and operate against US restrictions on Iranian oil exports. Two Iranian insurance companies have also been targeted for allegedly forcing commercial vessels to purchase maritime insurance to pass through the Strait of Hormuz.

About 20% of the world's oil was transported through the Strait before hostilities between the US and Iran escalated in February. The US has now sanctioned over 100 tankers for trying to break its blockade on Iranian ports, a move aimed at hurting Iran's economy.