As part of the Economic Fury campaign, the U.S. Treasury's OFAC has sanctioned a network of 10 individuals and entities across China, the UAE, Belarus, and Hong Kong for procuring weapons and UAV components for the Iranian regime.
Weapons & MANPADS Procurement
This network facilitated technology and weapons acquisitions (including man-portable air-defense systems) for the Center for Innovation and Technology Cooperation (CITC):
• Yushita Shanghai International Trade Co Ltd (China): Facilitator for CITC.
• AE International Trade Co Limited (Hong Kong): Received millions in funding for procurement efforts.
• Elite Energy FZCO (UAE): Transferred funds to AE International for CITC.
• HK Hesin Industry Co Limited (Hong Kong): Intermediary used to obfuscate the Iranian end-user.
• Armory Alliance LLC (Belarus): Intermediary for Iranian procurement.
• Mohammadmahdi Maleki: Belarus-based Iranian employee of Armory Alliance.
• Mohammed Ali Tolibov: CEO of Armory Alliance and arms facilitator.
IRGC Weapons Procurement
• Mustad Limited (Hong Kong): Facilitated millions of dollars in weapons procurement transactions for the IRGC.
UAV & Missile Components
Targeting the supply of aerospace-grade raw materials (carbon fiber and honeycomb fabric) for the Shahed-series UAVs:
• Hitex Insulation Ningbo Company Limited (China): Supplied materials to Pishgam Electronic Safeh Company (PESC).
• Li Genping (China): Legal representative and manager of Hitex Insulation.
Campaign Context
Secretary Scott Bessent stated the "Economic Fury" campaign remains unrelenting in targeting Iran's defense industrial base. Concurrently, the State Department designated four additional entities for conventional arms activities.