Overview

• The U.S. sanctioned Shandong Shengxing Chemical Co., a Chinese 'teapot' refinery, for purchasing over $1 billion of Iranian crude oil.
• Several companies and vessels involved in Iran's 'shadow fleet' were also sanctioned for facilitating covert oil shipments to China.
• The Treasury Department identified the refinery as a front for Iran's Islamic Revolutionary Guard Corps-Qods (IRGC-QF).
• Updated guidance was issued to maritime stakeholders to help detect and prevent Iranian sanctions evasion tactics, including ship-to-ship transfers.
• These actions coincide with ongoing nuclear negotiations between the U.S. and Iran, with talks set to continue in Rome.