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OfficialDiplomacy & politicsBackgroundWashington, United States

U.S. sanctions Chinese refinery Hengli and about 40 shippers and tankers over Iranian oil

Mountain Time
Local time
2:11 PM in New York
Where
Washington, United States

Treasury sanctioned Hengli Petrochemical (Dalian) Refinery, which it called one of Iran’s largest crude customers, along with 19 “shadow fleet” tankers and 19 firms in Iran’s petroleum sector. Treasury Secretary Scott Bessent also said $344 million in Iran-linked cryptocurrency had been frozen and told AP that no Iranian oil waiver would be renewed.

Why it matters

The move made good on Treasury’s threat of secondary sanctions by hitting a major Chinese buyer, weeks before a planned Trump-Xi summit.

Sources (4)

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