Bangladesh, Aug. 3 -- The US Treasury Department has imposed sanctions on Zhoushan Jinrun Petroleum Transfer Co., Ltd., a Chinese oil terminal operator implicated in an elaborate Iranian sanctions evasion scheme that has enabled Tehran to covertly sell oil and funnel hundreds of millions of dollars through global financial systems. The move, announced by the Treasurys Office of Foreign Assets Control (OFAC), underscores Washingtons intensified efforts to disrupt the economic lifelines of Irans energy sector, which it accuses of financing terrorism and destabilizing the Middle East.

Zhoushan Jinrun, based in Chinas Zhejiang province, is accused of “knowingly engaging in a significant transaction” for the purchase and transport...