The US government announced on Wednesday (June 10) that it has imposed sanctions on 11 entities and individuals, including several located in China and Hong Kong, for supporting the Iran Islamic Revolutionary Guard Corps (IRGC) and the Iranian Ministry of Defense and Armed Forces Logistics (MODAFL) in weapons procurement.
According to a statement released by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), nine of the sanctioned entities are individuals and companies based in China and Hong Kong that have assisted the Iranian military in acquiring weapons. Additionally, a company operating within the secret banking network in Iran and based in Hong Kong is also included in the sanctions. This is part of the Treasury Department’s “Economic Wrath” operation in collaboration with the US military’s “Epic Wrath” military action.
Through the “Economic Wrath” operation, the Treasury Department is dismantling overseas procurement networks that support the Iranian military in obtaining weapons. Treasury Secretary Scott Bessent stated in the announcement, “The Treasury Department has frozen the assets of the Iranian regime, severely impacting the country’s economy and undermining Iran’s war machine. The Treasury Department will not tolerate any actions supporting the Iranian military.”
The Treasury Department’s statement emphasized its continued efforts to combat overseas procurement and financial networks that sustain Iran’s weapons production and proliferation capabilities, which pose a threat to Americans and US partners and allies worldwide.
The current action builds on sanctions imposed on May 8, 2026, targeting procurement networks associated with the IRGC and the Center for Innovation and Technological Cooperation in Iran (CITC). The CITC is responsible for coordinating Iran’s technology acquisition efforts and has attempted to purchase weapons, including man-portable air defense systems (MANPADS), from China.
The Treasury Department’s statement listed the sanctioned entities and individuals from China and Hong Kong.
Chinese citizen Liu Boyu is the sole director of Mustad Limited, registered in Hong Kong, which has been sanctioned by the US for acting as an intermediary that assisted or attempted to assist Iran in financial transactions to support the IRGC’s procurement of weapons worth millions of dollars. Liu Boyu also serves as the CEO of Mustad. Liu Boyu and Chinese citizens Wang Hongyi and Xu Lichun, both employees of Mustad, have been involved in weapons procurement activities on behalf of the IRGC. Mustad Shanghai International Trade Co Ltd, based in Shanghai, is a wholly-owned subsidiary of Mustad.
Liu Boyu and Xu Lichun have been included in the sanctions list.
Domus Trading HK Limited, headquartered in Hong Kong, operates within Iran’s secret banking network, facilitating payments on behalf of sanctioned Iranian individuals and attempting to facilitate payments for Iranian weapons procurement activities.
Iranian citizen Manuchehr Golchin, residing in China, acted as an intermediary to assist MODAFL in defense procurement from China. Chinese citizen Meng Shaopei, Golchin’s counterpart, and the Managing Director and sole owner of Solos International Limited based in Hong Kong, has been supporting MODAFL’s weapons procurement activities. Golchin serves as the Chairman of Shangshun Hong Kong Ltd, responsible for overseeing the company’s international partnerships, while Meng is also a member of Shangshun’s management team.
Golchin, Meng, and Solos have been sanctioned by the US for providing or attempting to provide funds, materials, technology, or other support to MODAFL, as well as goods or services. Shangshun has also been sanctioned as an entity.
Simultaneously with OFAC’s designated actions, the US Department of State, under Executive Order 13949, imposed sanctions on two entities and two individuals (located in Iran and Belarus, respectively) involved in activities related to conventional weapons in Iran.