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U.S. Treasury Department sanctions network shipping Iranian oil to China

  • The U.S. Treasury Department imposed sanctions on an international network for facilitating the shipment of Iranian oil to China.
  • This network allegedly shipped millions of barrels of Iranian oil worth hundreds of millions of dollars to China, according to the Treasury Department.
  • The sanctions follow President Donald Trump's memorandum re-imposing a 'maximum pressure' campaign on Iran.
  • Iran reportedly earns billions of dollars annually from oil sales, funding its military and nuclear program, according to the Treasury Department.
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