US Sanctions Hit Iran’s Oil Lifeline, Targeting Shadow Fleet and Chinese Teapot Refineries
The U.S. Treasury’s OFAC sanctioned Hengli Petrochemical (Dalian) Refinery Co., Ltd., a major purchaser of Iranian crude, and about 40 vessels and firms linked to Iran’s shadow fleet, as part of a broader campaign to choke Tehran’s oil revenue under E.O. 13902 and NSPM-2. The action aims to disrupt Iran’s petroleum trade channels, block designated entities’ assets, and restrict U.S. transactions with them, continuing a crackdown that has targeted Iran-related entities since early 2025.