US Treasury Sanctions Chinese Refiner and 40 Shadow-Fleet Operators

The US Treasury Department designated Hengli Petrochemical — one of China's largest independent refineries — along with approximately 40 shipping companies for facilitating Iran's shadow-fleet oil export operations in circumvention of sanctions. The action targeted the network that has allowed Iran to continue selling oil to Chinese buyers despite maximum-pressure sanctions. The designations froze US-held assets and prohibited American entities from transacting with the named firms. Iran condemned the measures as 'economic warfare against the Iranian people.'