A US Treasury delegation met with several Hong Kong banks last month to warn them against facilitating Iranian oil shipments to China, sources familiar with the matter told Bloomberg, as Washington steps up efforts to enforce sanctions targeting Tehran’s oil revenues.
The meetings took place on April 7 and were led by Jesse Baker, deputy assistant secretary of the Treasury for Asia, the sources said. Banks were urged to uncover the ultimate owners behind front companies and flag suspicious non-dollar transactions linked to Iran, they added.
Representatives from HSBC, Standard Chartered, and Bank of China (Hong Kong) were among those in attendance, according to the sources. The Treasury, HSBC, and Standard Chartered declined to comment.
The move preceded the US sanctioning of nine Hong Kong-registered entities accused of helping Iran sell oil to China. OFAC said the firms acted as intermediaries for Sepehr Energy Co., linked to Iran’s military, and Chinese buyers.
Last week, Iran International reported that Sepehr Energy worked on behalf of the Iranian military and created a network of shell companies to sell sanctioned oil to Asia, including dealings with a Netherlands-based firm allegedly aware of its government ties.
