US EditionUS imposes sanctions on a China-based oil refinery and 40 shippers over Iranian oil
Treasury said Hengli bought billions of dollars in Iranian crude as the sanctions also target about 40 tankers and shipping firms.
- On Friday, President Donald Trump's administration sanctioned a major China-based oil refinery, Hengli Petrochemical, and roughly 40 shipping companies involved in transporting Iranian oil.
- The Treasury Department alleges Hengli has processed Iranian crude since 2023, generating hundreds of millions of dollars for the Iranian military.
- Located in Dalian, the sanctioned Hengli facility processes roughly 400,000 barrels of crude oil daily, while China remains the largest buyer of Iranian oil, importing 80% to 90% of output.
- These sanctions cut targeted entities from the U.S. financial system weeks before Trump and Jinping are scheduled to meet in China.
- Concurrently, the U.S. imposed a physical blockade on the Strait of Hormuz this month, while Treasury Secretary Scott Bessent's department earlier threatened secondary sanctions on financial institutions in Hong Kong, the UAE, and Oman.
92 Articles
92 Articles
The US Treasury sanctioned Hengli, about 40 shipping companies and the Iranian shadow fleet during the ongoing war.
US Sanctions Giant Chinese Refiner Hengli Over Iran Links
(Bloomberg) — The US sanctioned one of China’s largest private oil refiners over its links to Iran, a move that ramps up economic pressure on Tehran but also risks irking Beijing just weeks ahead of an expected leaders’ summit.
US sanctions Chinese refinery, 40 other shippers for transporting Iranian oil
As clouds of uncertainty continues to persist over a peace deal between the United States and Iran, the US has decided to impose sanctions on a China-based oil refinery and 40 other shipping companies for their alleged involvement in transport Iranian oil. The move comes just weeks before President Donald Trump's Beijing visit where he will meet his Chinese counterpart Xi Jinping. According to a report by The Associated Press, the Chinese refin…
U.S. Sanctions Target China's Teapot Refineries Amid Iran Trade Dispute
U.S. Sanctions Target China's Teapot Refineries Amid Iran Trade Dispute The Trump administration on Friday announced sanctions against China's Hengli Petrochemical (Dalian) Refinery for its purchase of Iranian oil. This move coincides with upcoming peace talks between Washington and Tehran.The U.S. Treasury's Office of Foreign Assets Control targeted Hengli Petrochemical for its substantial import of Iranian crude oil, impacting around 40 shippi…
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