Amidst the war with Iran, Donald Trump has taken strict action against China. The US has imposed sanctions on a refinery located in China and several ships related to Iran’s oil business. Its purpose is to increase pressure on Iran’s oil earnings. The US Treasury Department said that its Office of Foreign Assets Control has taken action against Hengli Petrochemical (Dalian) Refinery Co., Ltd.
According to the department, this company is one of the largest companies purchasing crude oil and petroleum products from Iran. Treasury Secretary Scott Besant said economic strictures are tightening the financial grip on the Iranian regime, deterring its aggression in the Middle East and helping curb its nuclear ambitions. About 40 shipping companies and ships, which are considered part of Iran’s so-called “shadow fleet”, have also been targeted in this action.
The US says these ships transport oil and petrochemical products around the world, providing money to the Iranian government. Scott Besant also said that on the instructions of Donald Trump, America will continue to take action against the ships, middlemen and buyers who help in transporting Iranian oil to the world markets. He warned that any person or ship involved in this work may face US sanctions.
China’s independent refineries, known as teapots, buy the majority of Iran’s crude, Treasury officials said. Among these, Hengli is the second largest company, which has purchased oil worth billions of dollars from Iran. The statement said Hengli received contraband vessels and shipments belonging to the General Staff of Iran’s armed forces through Sepehr Energy Jahan Naama Pars Company, generating millions of dollars in revenue for the Iranian military. Apart from this, America has also imposed sanctions on 19 more ships. It is alleged that these ships used to transport Iran’s crude oil, LPG and other petrochemical products to different countries of the world.
The Treasury Department said it has imposed sanctions on more than 1,000 individuals, entities, ships and aircraft linked to Iran through February 2025. Under US law, those who are sanctioned, their assets in the US are frozen. US citizens are generally prohibited from transacting with them. Apart from this, foreign companies which help in such business may also have to face punishment.
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