U.S. Treasury Department Imposes Sanctions on Network Shipping Iranian Oil to China

The U.S. Treasury Department has placed sanctions on an international network involved in enabling the transport of Iranian oil to China. Allegedly, this network transported millions of barrels of Iranian oil valued at hundreds of millions of dollars to China, as disclosed by the Treasury Department. These sanctions come in the wake of President Donald Trump's memo reinstating a 'maximum pressure' strategy against Iran. The Treasury Department reports that Iran generates billions of dollars each year from oil sales, financing its military and nuclear initiatives.