Published • loading... • Updated
Sanctions Escalation Hits Chinese Refiners Tied to Iranian Crude Trade
The Treasury action cuts Hengli off from U.S. finance as Chinese refiners bought 80% of Iran’s crude exports last year, Reuters cited Kpler data.
- On Friday, the U.S. Treasury Department's Office of Foreign Assets Control added Hengli Petrochemical Refinery Co Ltd to the Specially Designated Nationals and Blocked Persons List for alleged Iranian crude purchases.
- Described by OFAC as one of Tehran's 'most valued customers,' the refiner allegedly generated hundreds of millions of dollars for Iran's military by receiving more than 5 million barrels of crude from sanctioned shadow fleet vessels since 2023.
- Hengli Petrochemical denied the allegations, stating it has 'never engaged in any trade with Iran' and holds enough oil for three months, even as shares dropped 10% following the sanction announcement.
- Chinese Foreign Ministry spokesperson Lin Jian pledged to 'firmly defend' the company's interests on Monday, as the U.S. simultaneously sanctioned around 40 shipping firms and vessels suspected of operating within Iran's so-called shadow fleet.
- These measures follow warnings from Treasury Secretary Scott Bessent to banks regarding secondary sanctions, amid reports that Iran routed roughly US$9 billion through U.S. correspondent accounts in 2024 using networks of front companies.
Insights by Ground AI
14 Articles
14 Articles
U.S. Sanctions Chinese Refinery for Buying Iranian Oil
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. The post U.S. Sanctions Chinese Refinery for Buying Iranian Oil appeared first on Breitbart.
·United States
Read Full Article
The United States is further tightening its sanctions against Iranian oil by targeting a Chinese refinery accused of playing a key role in the Iranian oil economy. ...
·Brussels, Belgium
Read Full Article
Coverage Details
Total News Sources14
Leaning Left1Leaning Right4Center3Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
13%
C 37%
R 50%
Factuality
To view factuality data please Upgrade to Premium
