US Treasury sanctions nine over Iran weapons procurement networks

Washington's move targets China- and Hong Kong-based networks facilitating millions of dollars' worth of arms deals for Tehran

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FILE—Iranian-made drones of the Revolutionary Guard aerospace division are seen on a truck during an annual military parade in front of the shrine of the late revolutionary founder Ayatollah Khomeini, just outside Tehran, Iran, Sept. 22, 2023.
FILE—Iranian-made drones of the Revolutionary Guard aerospace division are seen on a truck during an annual military parade in front of the shrine of the late revolutionary founder Ayatollah Khomeini, just outside Tehran, Iran, Sept. 22, 2023. (AP Photo/Vahid Salemi, File)

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned nine individuals and entities for supporting weapons procurement on behalf of Iran's Islamic Revolutionary Guard Corps (IRGC) and Ministry of Defense and Armed Forces Logistics (MODAFL).

The designations, announced as part of the Treasury's "Economic Fury" campaign, target China- and Hong Kong-based individuals and companies, as well as a Hong Kong-based company operating within Iran's “clandestine banking network” that attempted weapons procurement-related transactions.

Treasury has frozen the Iranian regime's assets, severely disrupted its economy, and dismantled the Iranian war machine,” Treasury Secretary Scott Bessent said. "Treasury will not tolerate any support of the Iranian military."

China and Hong Kong-based networks targeted

Among those designated is Chinese national Liu Boyu, sole director and president of Hong Kong-registered Mustad Limited. OFAC previously designated the company on May 8, 2026, for facilitating millions of dollars' worth of weapons procurement for the IRGC. Two additional Mustad employees, Wang Hongyi and Xu Lichun, were also designated, along with Shanghai-based Mustad Shanghai International Trade Co. Ltd., which is wholly owned by Mustad.

Hong Kong-based Domus Trading HK Limited was designated for operating within Iran's clandestine banking network and attempting to facilitate payments for Iran's weapons procurement efforts.

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For MODAFL, China-based Iranian national Manuchehr Golchin was designated as a facilitator for the ministry's defense acquisitions from China. Chinese national Meng Shaopei, managing director and sole owner of Hong Kong-based Solos International Limited, was designated alongside Golchin for facilitating weapons procurement for MODAFL. Hong Kong-based Shangshun Hong Kong Ltd, chaired by Golchin, was also sanctioned.

Wednesday's action builds on May 8 designations targeting procurement networks that sourced weapons for the IRGC and Iran's Center for Innovation and Technology Cooperation, which sought to purchase weapons including man-portable air-defense systems from China.

As a result of the designations, all property and interests in property of the sanctioned individuals and entities within US jurisdiction are blocked and must be reported to OFAC.

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