US sanctions China’s ‘teapot’ refinery for buying Iranian oil
Summary
The United States has placed sanctions on a Chinese oil refinery called Hengli Petrochemical for buying large amounts of Iranian oil. The U.S. Treasury also targeted about 40 shipping companies tied to Iran’s oil trade as part of efforts to stop Iran from earning money from its oil exports.Key Facts
- The U.S. sanctioned Hengli Petrochemical, China’s second-largest independent refinery, for purchasing Iranian oil.
- These oil purchases helped generate hundreds of millions of dollars for the Iranian military.
- Around 40 shipping firms and vessels connected to Iran’s oil shipments were also sanctioned.
- China’s embassy in Washington criticized the sanctions, calling them political and harmful to trade.
- China gets over half of its oil from the Middle East and bought more than 80% of Iran’s shipped oil last year.
- The U.S. Navy has blockaded Iranian ports since April 13 to reduce Iran’s oil revenue.
- “Teapot” refineries are small, private Chinese refineries that import discounted oil from Iran and Russia.
- The U.S. will keep targeting people and companies that help Iran trade oil through secretive methods.
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