The U.S. has targeted a major Chinese refinery and dozens of shippers with secondary sanctions to sever Iran’s oil revenue amid ongoing regional conflict and soaring energy prices.
The Trump administration on Friday intensified its economic pressure campaign against Tehran by imposing sanctions on the Hengli Petrochemical refinery in China and approximately 40 shipping companies accused of transporting Iranian oil. The move follows a physical blockade of the Strait of Hormuz and comes just weeks ahead of a high-stakes meeting between President Trump and Chinese President Xi Jinping.
Treasury Secretary Scott Bessent stated that his agency “will continue to constrict the network of vessels, intermediaries and buyers Iran relies on to move its oil to global markets,” reinforcing a recent warning to international financial institutions that the U.S. is “now willing to apply secondary sanctions, which is a very stern measure.” While China has historically criticized such moves as actions that “infringe upon the legitimate rights and interests of Chinese companies and individuals,” the Treasury Department maintains that these entities have generated hundreds of millions of dollars for the Iranian military.
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