04:01 PM EST, 02/06/2025 (MT Newswires) -- The US Treasury Department announced sanctions against an international network for allegedly facilitating Iranian crude oil shipments to China that the Treasury said were worth "hundreds of millions of dollars."

The shipments were made on behalf of Iran's Armed Forces General Staff, or AFGS, and its sanctioned front company, Sepehr Energy, the Treasury said in a Thursday statement. The action covers entities and individuals in multiple jurisdictions, including China, India and the United Arab Emirates.

The AFGS relies on foreign-based companies and brokers to enable its oil sales and shipments, according to the Treasury.

"The Iranian regime remains focused on leveraging its oil revenues to fund the development of its nuclear program, to produce its deadly ballistic missiles and unmanned aerial vehicles, and to support its regional terrorist proxy groups," said Treasury Secretary Scott Bessent. "The United States is committed to aggressively targeting any attempt by Iran to secure funding for these malign activities."

On Tuesday, President Donald Trump signed a memorandum to impose "maximum economic pressure" on Iran. The US campaign is aimed at "driving Iran's oil exports to zero," according to a White House statement released at the time.

West Texas Intermediate crude oil dipped 0.7% at $70.52 a barrel in Thursday late-afternoon trade, while Brent fell 0.5% at $74.23.

On Tuesday, China announced a series of retaliatory tariffs against the US, including targeting its energy flows.