The U.S. Department of the Treasury intensified its economic pressure campaign against Iran on Friday, sanctioning a major China-based refinery and dozens of shipping firms and vessels accused of helping move Iranian oil to global markets.
The Treasury Department’s Office of Foreign Assets Control, or OFAC, said it imposed sanctions on Hengli Petrochemical (Dalian) Refinery Co., Ltd., describing the company as one of the largest buyers of Iranian crude and petroleum products. Officials said the refinery has purchased billions of dollars’ worth of Iranian oil, providing a significant source of revenue for Tehran.
Treasury also targeted roughly 40 shipping firms and vessels tied to what officials described as Iran’s shadow fleet, a network of tankers and intermediaries used to transport petroleum and petrochemical cargoes while evading international scrutiny.
Treasury Secretary Scott Bessent said the administration would continue tightening restrictions on the vessels, middlemen and buyers Iran depends on to export oil. He said any person or vessel facilitating covert trade involving Iranian energy flows risks exposure to U.S. sanctions.
Under the sanctions, any property or interests in property of the designated entities within the United States or under the control of U.S. persons are blocked. Americans are generally prohibited from conducting transactions with sanctioned parties unless specifically authorized.
Treasury said the latest measures are part of the Trump administration’s broader maximum-pressure campaign aimed at Iran’s oil exports, financial networks and sanctions-evasion systems. Since February 2025, OFAC has sanctioned more than 1,000 Iran-related persons, vessels and aircraft, according to the department.
Officials said China’s independent “teapot” refineries remain a major outlet for Iranian crude. Treasury alleged Hengli has received shipments from previously sanctioned vessels and has also purchased crude linked to entities tied to Iran’s armed forces.
The department said 19 additional vessels involved in transporting Iranian crude, liquefied petroleum gas and other petroleum products were being added to the sanctions list.
The move comes as Washington seeks to constrain Tehran’s energy revenues, which U.S. officials say help finance military operations, regional proxy groups and nuclear ambitions.
By DNU Staff