As part of Economic Fury, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on June 10, sanctioned nine individuals and entities that have supported weapons procurement on behalf of Iran’s Islamic Revolutionary Guard Corps (IRGC) and Ministry of Defense and Armed Forces Logistics (MODAFL).
“Through Economic Fury, the Treasury Department is disrupting the foreign procurement networks that support the Iranian military’s efforts to acquire weapons,” said Secretary of the Treasury Scott Bessent. “Treasury has frozen the Iranian regime’s assets, severely disrupted its economy, and dismantled the Iranian war machine.”
Among those designated are China- and Hong Kong-based individuals and companies that facilitated the procurement of weapons for the IRGC and MODAFL, as well as a Hong Kong‑based company operating within Iran’s clandestine banking network that attempted weapons procurement-related transactions. OFAC continues to aggressively target the overseas procurement and financial networks that sustain Iran’s weapons production and proliferation capabilities, which threaten Americans and U.S. partners and allies around the world. The latest Treasury Department action builds on the May 8, 2026, designations targeting procurement networks that sourced weapons for the IRGC and Iran’s Center for Innovation and Technology Cooperation (CITC), which coordinates Iranian technology acquisition efforts and has sought to purchase weapons, including man-portable air-defense systems (MANPADS), from China.
Chinese national Liu Boyu is the sole director of Mustad Limited, a U.S.-designated, Hong Kong-registered company that, as an intermediary, has facilitated, or attempted to facilitate, financial transactions in furtherance of the IRGC’s procurement of millions of dollars’ worth of weapons. Liu Boyu also serves as Mustad’s president. Liu Boyu and Chinese nationals Wang Hongyi and Xu Lichun, also employees of Mustad, have worked to procure weapons on behalf of the IRGC.
Shanghai-based Mustad Shanghai International Trade Co Ltd is wholly owned by Mustad. OFAC designated Mustad for having provided, or attempted to provide, financial, material, technological or other support for, or goods or services in support of, the IRGC.
Liu Boyu and Xu Lichun are being designated for having provided, or attempted to provide, financial, material, technological or other support for, or goods or services in support of, the IRGC. Wang Hongyi and Mustad Shanghai are being designated for being owned or controlled by, or acting or purporting to act for or on behalf of, directly or indirectly, Mustad.
Hong Kong-based Domus Trading HK Limited (Domus Trading) works within Iran’s clandestine banking network to facilitate payments on behalf of Iranian blocked persons and has attempted to facilitate payments for Iran’s weapons procurement efforts.
China-based Iranian national Manuchehr Golchin serves as a facilitator for MODAFL’s defense acquisitions from China. Chinese national Meng Shaopei, an accomplice of Golchin, is the managing director and 100-percent owner of Hong Kong-based Solos International Limited (Solos), which has worked to facilitate weapons procurement for MODAFL. Golchin is the chairman of Hong Kong-based Shangshun Hong Kong Ltd (Shangshun)and oversees the company’s international partnerships. Meng is also part of Shangshun’s management team.
The U.S. Treasury, said Secretary Bessent, “will not tolerate any support of the Iranian military.”