The United States has imposed sanctions on Chinese private refinery Hengli over its transactions with Iran, the US Treasury Department announced on Friday.
In a press release, the Treasury argued that small, independent refineries based in China "continue to play a vital role in supporting the Chinese economy," describing Hengli as one of Iran's largest customers for crude oil and other petroleum product exports, with purchases running into the billions of dollars.
Washington also announced sanctions against approximately 40 shipping companies and vessels it considers part of Tehran's "shadow fleet," which it said provides a "lifeline to the economy of the unstable Iranian regime."
Treasury Secretary Scott Bessent said Washington is targeting "the network of ships, intermediaries and buyers upon which Iran depends" to export its oil to international markets. "Any person or vessel facilitating these flows, through covert trade transactions and financing, risks exposure to US sanctions," he added. Bessent described the measures as part of "Economic Fury," the economic dimension of the US-Israeli war against Iran, which has been named Operation "Epic Fury."
The sanctions entail the freezing of any assets of the individuals and entities concerned that fall within US jurisdiction, and prohibit any US persons or entities from conducting transactions with them.
Source: AMNA