US Sanctions China-Based Oil Refinery and 40 Shippers Over Iran Oil

On Friday, the Trump administration announced economic sanctions targeting Hengli Petrochemical's refinery located in Dalian, China, along with approximately 40 shipping companies and tankers involved in the transport of Iranian oil. These sanctions enforce secondary measures against entities engaging in business with Iran, aiming to diminish the country’s oil revenue. Additionally, this month, the US established a physical blockade in the Strait of Hormuz. The Hengli facility, which processes 400,000 barrels daily, has been receiving Iranian crude since 2023, reportedly providing hundreds of millions to the Iranian military, as stated by the US Treasury. These sanctions come ahead of a meeting between President Trump and Xi Jinping of China.