Washington DC, June 12: Chairman John Moolenaar (R-MI) and all 11 Republican members of the House Select Committee on the Chinese Communist Party (CCP) have urged U.S. Treasury Secretary Janet Yellen to launch an investigation into six Chinese companies accused of supporting Iran’s military and energy sectors.
In a letter to the Treasury Department, the lawmakers requested the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) investigate these firms for potentially violating U.S. sanctions and endangering national security.
According to a release by the Select Committee on the CCP, the targeted People’s Republic of China (PRC) companies are allegedly helping Iran circumvent U.S. sanctions and undermining U.S. strategic interests in the Middle East.
The companies named in the request include:
- China North Industries Group Co., Ltd. (Norinco)
- Aviation Industry Corporation of China (AVIC)
- China Ocean Shipping Co., Ltd. (COSCO)
- China National Offshore Oil Corporation (CNOOC)
- CRRC Corporation Limited (CRRC)
- China Petroleum & Chemical Corporation (Sinopec)
“These corporations assist Iran in circumventing existing U.S. sanctions and jeopardize U.S. strategic interests,” the committee’s release stated.
The lawmakers cited an April report by the Select Committee, which found that $6.5 billion in U.S. investment funds had been directed into PRC enterprises identified as national security threats as of 2023. A January report by the Prague Security Studies Institute also highlighted at least $6 billion in strategic ties between many of these Chinese firms and Iran’s military and energy sectors.
“Many of these companies even appear to engage in activities that violate existing U.S. sanctions against Iran. As a result, U.S. retirees are likely indirectly funding activities that run counter to U.S. national security and international stability,” the letter stated.
The lawmakers also warned of a growing “authoritarian axis” between China and Iran, accusing the Chinese firms of helping fund Iranian efforts to back Houthi attacks in the Red Sea and aggression against Israel by Hamas, Hezbollah, and Palestinian Islamic Jihad—all of whom are designated as Specially Designated Nationals (SDNs) by the U.S. Treasury.
The committee called on the Treasury to determine whether these six PRC companies’ dealings with Iran warrant new sanctions or enforcement actions.
