U.S. Targets Major Chinese Refinery and Ships in Escalating Crackdown on Iran’s Oil Trade

The Trump administration on Friday escalated its “Economic Fury” campaign against Tehran, targeting one of China’s largest independent refineries alongside a new wave of sanctions on vessels and shipping firms accused of moving Iranian oil through the shadow fleet.

The U.S. Treasury’s Office of Foreign Assets Control sanctioned Hengli Petrochemical (Dalian) Refinery Co., described by Treasury as China’s second-largest “teapot” refinery and one of the largest buyers of Iranian crude, while also blacklisting 19 vessels and 18 shipping-related entities tied to Iran’s petroleum trade. 

While OFAC has previously sanctioned four Chinese teapot refiners as part of President Trump’s maximum pressure campaign against