The US has sanctioned a China-based crude oil terminal operator for importing petroleum products from Iranian entities, warning others of facing the same consequences if they pay a toll to Tehran to cross the Strait of Hormuz.
The US Department of State said the action targets Qingdao Haiye Oil Terminal Co., Ltd., which has imported tens of millions of barrels of sanctioned Iranian crude oil since February last year.
The US also sanctioned Xingchun Li, a Chinese national and the president of Qingdao Haiye, and two vessel management companies – UK-based Thriving Times International and Hong Kong-based Onboard Ship Management Limited.
The US Department of Treasury issued an alert, warning the maritime industry that paying 'tolls' to the Iranian regime for safe passage through the Strait of Hormuz may result in sanctions exposure.
The Treasury also designated three Iranian foreign currency exchange houses and their associated front companies for facilitating billions of dollars in foreign currency transactions each year.
