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US imposes sanctions on Chinese teapot refinery for buying Iranian oil
WASHINGTON – The Trump administration said on April 24 it imposed sanctions on an independent “teapot” refinery in China for buying billions of dollars’ worth of Iranian oil, as Washington and Tehran head into another round of peace talks over the weekend.The US Treasury Department targeted Hengli Petrochemical (Dalian) Refinery, which it said is one of Iran’s largest customers of crude oil and petroleum products.The department’s Office of Foreign Assets Control said it also imposed sanctions on about 40 shipping companies and vessels that operate as part of Iran’s shadow fleet.China has said it opposes “illegal” unilateral sanctions.On April 24, its embassy in Washington said normal trade should not be harmed and called on Washington to stop “abusing” sanctions to target Chinese companies.“We call on the US to stop politicising trade and sci-tech issues and using them as a weapon and a tool and stop abusing various kinds of sanction to hit Chinese companies,” a spokesperson for the Chinese embassy said in a statement.The Trump administration in 2025 imposed sanctions on teapots Hebei Xinhai Chemical Group, Shandong Shouguang Luqing Petrochemical and Shandong Shengxing Chemical.That created some hurdles for the refiners, including difficulties receiving crude and having to sell refined products under different names. Teapots account for a quarter of Chinese refinery capacity, operate with narrow and sometimes negative margins, and have been squeezed recently by tepid domestic demand.The US sanctions, which block US assets of those designated and prevent Americans from doing business with them, have deterred some larger independent refiners from buying Iranian oil. China buys more than 80 per cent of Iran’s shipped oil, 2025 data from analytics firm Kpler showed.Sanctions experts have long said, however, that the independent refineries are somewhat immune to the full effect of US sanctions as they have little exposure to the US financial system.Imposing sanctions on China’s banks that help facilitate the purchases would have a larger effect on purchases of Iranian oil, they say.Treasury Secretary Scott Bessent said the US is imposing a “financial stranglehold” on the Iranian government.“Treasury will continue to constrict the network of vessels, intermediaries, and buyers Iran relies on to move its oil to global markets,” Mr Bessent said.Mr Bessent told reporters at the White House on April 15 that Treasury has written to two Chinese banks and “told them th...
US sanctions China's 'teapot' refinery for buying Iranian oil
The Hengli refinery, China’s second-largest, has generated hundreds of millions of dollars for Iran’s military, the US Treasury says.The United States has sanctioned a Chinese oil refinery for buying hundreds of millions of dollars worth of Iranian oil.Ahead of potential new talks on ending the US-Israeli war on Iran, the US Treasury Department on Friday said that it was targeting Hengli Petrochemical (Dalian) Refinery, China’s second-largest “teapot” or independent refinery.Recommended Stories list of 4 itemslist 1 of 4How China’s ‘teapot’ refineries are cushioning it from Iran war oil crisislist 2 of 4Fragile Iran-Israel ceasefire calms oil marketslist 3 of 4Iran-Iraq Tanker War redux? Why the Strait of Hormuz crisis is differentlist 4 of 4Trump government extends Jones Act waiver by 90 days to dampen oil pricesend of listHengli is “one of Tehran’s most valued customers” and has generated hundreds of millions of dollars in revenue for the Iranian military through crude oil purchases, the Treasury added.It also imposed new sanctions on about 40 shipping firms and vessels alleged to be operating as part of Iran’s shadow fleet.The Chinese embassy in Washington, DC pushed back against the move.“We call on the US to stop politicising trade and sci-tech issues and using them as a weapon and a tool and stop abusing various kinds of sanction to hit Chinese companies,” a spokesperson said.China gets more than half of its oil from the Middle East, and last year purchased more than 80 percent of Iran’s shipped oil, according to analytics firm Kpler.The US Navy has blockaded Iranian ports since April 13, in what President Donald Trump claims is a bid to further choke Iran’s proceeds from oil and gas exports.Teapots under pressureChina’s “teapot” refineries are small, privately owned refineries, mostly based in Shandong province and nicknamed for their teapot-like shape.They play a key role in beefing up China’s oil supplies by importing and stockpiling discounted Iranian and Russian oil – while allowing state-owned enterprises to remain more insulated from politically risky oil trading.US Treasury Secretary Scott Bessent pledged Friday to continue targeting the “network of vessels, intermediaries, and buyers Iran relies on to move its oil to global markets”.“Any person or vessel facilitating these flows – through covert trade and finance – risks exposure to US sanctions,” he said.Aside from the prospect of sanctions, the US-Israel war on Iran has increased financia...
US sanctions Chinese refinery over Iranian oil purchases - MSN
The US has sanctioned China's Hengli Petrochemical refinery and dozens of shipping firms for buying Iranian oil, escalating tensions amid the ongoing US-Iran conflict. The move targets a major ...
Treasury sanctions Chinese refinery Hengli over Iran oil purchases
12 hours ago ... The U.S. Treasury's Office of Foreign Assets Control (OFAC) on Friday sanctioned a major Chinese oil refinery and dozens of ships tied to Iran's "shadow fleet," ...
