24/04/2026
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24/04/2026
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WASHINGTON, Apr 24: The United States has imposed fresh sanctions on a China-based oil refinery and around 40 shipping companies and vessels accused of facilitating Iranian oil exports, as part of an intensified effort to curb Tehran’s key revenue streams.
The US Treasury Department said the measures target Hengli Petrochemical, described as a major independent “teapot” refinery and one of the largest buyers of Iranian crude, along with a wider network of tankers and shipping firms allegedly involved in transporting Iranian oil to global markets. Officials said the sanctioned vessels were responsible for moving billions of dollars’ worth of petroleum products, calling the network a “shadow fleet” that plays a critical role in sustaining Iran’s economy.
US Treasury Secretary Scott Bessent said the latest action is part of what he termed “Economic Fury,” aimed at tightening financial pressure on Iran. “Economic Fury is imposing a financial stranglehold on the Iranian regime,” he said, adding that Washington will continue to target vessels, intermediaries, and buyers linked to Iran’s oil trade to restrict its ability to generate revenue.
The sanctions are part of a broader US strategy to impose secondary sanctions on entities conducting business with Iran, particularly in the energy sector, which remains the country’s primary source of income. Officials said the move is intended to disrupt global shipping networks used to move Iranian crude despite existing restrictions.
The announcement also comes amid heightened geopolitical tensions and ongoing US efforts to enforce stricter controls over Iranian oil exports. Washington has simultaneously increased pressure on maritime routes, including actions linked to the Strait of Hormuz, a key global energy corridor.
The latest sanctions were unveiled just weeks ahead of a planned meeting between US President Donald Trump and Chinese President Xi Jinping, adding further sensitivity to already strained trade and diplomatic relations.
