US 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.
103 Articles
103 Articles
US Sanctions On Oil Refinery In China Over Secret Iranian Oil Purchases
WASHINGTON, D.C. – The United States took a major step on Friday to squeeze Iran’s economy. The US Treasury Department announced strict new sanctions targeting a massive oil refinery in China. The main target is Hengli Petrochemical (Dalian) Refinery Co Ltd. Washington accuses this company of buying vast amounts of crude oil from Iran, helping […] The post US Sanctions on Oil Refinery in China Over Secret Iranian Oil Purchases first appeared on …
The US government has imposed sanctions on a Chinese refinery because it allegedly purchased billions of dollars worth of Iranian oil. It concerns a so-called ‘teapot refinery’.
The US Treasury sanctioned Hengli, about 40 shipping companies and the Iranian shadow fleet during the ongoing war.
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