US imposes sanctions on China refinery, others for Iran oil purchases

The U.S. imposed sanctions on about 100 individuals, entities and vessels, including a Chinese independent refinery and terminal, that helped Iran's oil and petrochemicals trade, the administration of President Donald Trump said on Thursday.

The Treasury Department sanctioned the Shandong Jincheng Petrochemical Group Co, which it said is an independent teapot refinery in Shandong Province that has purchased millions of barrels of Iranian oil since 2023.

It also sanctioned China-based Rizhao Shihua Crude Oil Terminal Co, which operates a terminal at Lanshan Port. Treasury said it has accepted more than a dozen of Iran's so-called shadow fleet vessels that evade the sanctions.

The tankers included Kongm, Big Mag, and Voy. Treasury said the tankers transported several million barrels of Iranian oil to Rizhao.

The U.S. believes Iran's oil networks help Tehran fund its nuclear and missile programs and support militant proxies throughout the Middle East. Iran says its nuclear program is for peaceful purposes.


Reuters