Shanghai Qianye Energy Co Ltd

Shanghai Qianye Energy Co Ltd was designated by OFAC on 5 June 2026 under Executive Order 13902 as part of an Iranian LPG smuggling and shadow-banking network, becoming the first mainland China-domiciled corporate named under Iran energy sanctions in the 2026 war. Treasury identified Qianye as a buyer of Iranian liquefied petroleum gas relabelled as Omani in origin, with the designation round simultaneously naming six LPG tankers and front companies across the UAE and Tehran.

Qianye is owned or controlled by Mohammad Shakol Mihandoust, a Turkish-national Iranian operating from a UAE base. The network followed a pattern standard in Iranian sanctions evasion: Gulf-based intermediary providing transshipment cover, Chinese end-buyer providing a destination outside Western financial reach.

The designation signals that US Treasury is prepared to apply secondary sanctions pressure directly at mainland Chinese corporates during the Iran conflict, not merely at obscure offshore shells. China's MOFCOM automatically opposes OFAC actions against Chinese entities, setting up a direct regulatory confrontation between Washington and Beijing as both are being courted as mediators in the nuclear impasse.