The U.S. Treasury Department on Friday imposed sanctions against one of China’s “teapot refineries,” run by a company called Hengli Petrochemical in the port city of Dalian, for buying Iranian oil.
“China-based independent teapot refineries continue to play a vital role in sustaining Iran’s oil economy, and Hengli is one of Iran’s largest customers for crude oil and other petroleum products, having purchased billions of dollars’ worth of Iranian petroleum,” said the Treasury Department’s Office of Foreign Assets Control (OFAC).
“Additionally, OFAC is targeting approximately 40 shipping firms and vessels that operate as part of Iran’s shadow fleet, whose transportation of petroleum and petrochemicals provides a financial lifeline to Iran’s unstable regime,” the statement continued.
Treasury Secretary Scott Bessent said the sanctions were part of Operation Economic Fury, his department’s effort to impose a “financial stranglehold on the Iranian regime, hampering its aggression in the Middle East, and
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