- The U.S. Treasury sanctioned a Chinese oil terminal and refinery for handling Iranian crude, tightening enforcement on Iran’s export network.
- Over 50 entities, individuals, and vessels were targeted, including those tied to shadow fleet operations.
- The Rizhao terminal and Shandong Jincheng refinery were cited for receiving multiple Iranian crude shipments via sanctioned tankers.
- Additional sanctions hit firms and vessels linked to Iranian LPG trade across Asia, aiming to cut Iran’s vital oil revenue streams.
The U.S. Treasury Department has imposed sanctions on a Chinese crude oil terminal and an independent refinery for allegedly handling millions of barrels of Iranian petroleum. This move intensifies Washington’s efforts to curb Iran’s energy export network and restrict its revenue streams. The latest actions highlight the continued focus on enforcing global trade compliance within the oil sector, according to a report published by S&P Global.
Sanctions Expand Pressure on Iran’s Energy Export Network
In the latest round of sanctions, the U.S. Treasury targeted over 50 individuals, companies, and vessels linked to the export of Iranian petroleum. Among them are the Rizhao Shihua Crude Oil Terminal in Shandong’s Lanshan port and Shandong Jincheng Petrochemical Group, which reportedly received multiple shipments of Iranian crude delivered by shadow fleet tankers such as Luna Prime and Carina. The measures also extend to a network of UAE- and Hong Kong-based firms accused of facilitating over $125 million in Iranian LPG sales through concealed financial channels. Nearly two dozen vessels, including the Madestar, were sanctioned for transporting Iranian oil and gas products to Asian markets. The Treasury Department stated that these steps aim to dismantle Iran’s energy export infrastructure and reduce its access to global financial systems.
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Source: S&P Global
