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4h ago

U.S. Sanctions Chinese Refinery, Port and ‘Shadow Fleet’ in Latest Iran Oil Crackdown

Treasury says the designations aim to degrade Iran’s cash flow by dismantling export networks.

A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023.  REUTERS/Kevin Lamarque
FILE - The Treasury Department building is seen, March 13, 2025, in Washington. (AP Photo/Alex Brandon, File)
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Overview

  • The United States announced new penalties on dozens of people, companies and vessels tied to Iranian oil and liquefied petroleum gas shipments across China, Hong Kong and the United Arab Emirates.
  • Shandong Jincheng Petrochemical Group and Rizhao Shihua Crude Oil Terminal were named for purchasing and receiving Iranian crude, with tankers Kongm, Big Mag and Voy cited for deliveries to Rizhao.
  • The State Department designated Jiangyin Foreversun Chemical Logistics as the first China-based terminal listed for receiving Iranian-origin petrochemical products.
  • Nearly two dozen ‘shadow fleet’ tankers that conceal cargo origins were blacklisted in what officials called the fourth round focused on China-linked buyers.
  • The measures block U.S. dealings and freeze U.S.-held assets of designated parties, and include several India-linked shippers accused of moving Iranian LPG.