The US has imposed sanctions on numerous individuals, entities, and vessels connected to Iran’s oil industry in a bid to further disrupt a crucial revenue stream for Tehran. The Treasury Department unveiled over 50 targets linked to aiding Iran’s shipments of liquefied petroleum gas, including a Chinese port and a China-based “teapot” oil refinery.
In a separate action, the State Department disclosed sanctions on approximately 40 others, comprising major purchasers of Iranian petrochemical products and the executives of companies engaged in that trade. These measures follow swiftly after the UN recently reinstated sanctions against Iran for its nuclear and ballistic missile programs, intensifying Iran’s global isolation.
US Treasury Secretary Scott Bessent emphasized the strategy of weakening Iran’s financial resources by dismantling vital components of its energy export infrastructure. Notable entities on the sanctions list include the Shandong Jincheng Petrochemical Group Co., a Chinese refinery that the Treasury Department claimed had procured millions of barrels of Iranian oil since 2023.
Additionally, the Treasury targeted the operator of the Rizhao Shihua Crude Oil Terminal at Lanshan Port for allegedly receiving multiple shadow fleet vessels transporting millions of barrels of Iranian oil. These actions mark the fourth round of sanctions against Chinese refineries since President Donald Trump’s second term began in January, forming part of the broader “maximum pressure” approach against Iran.
The latest sanctions build on previous punitive measures against hundreds of individuals, companies, and vessels with ties to Iran under the Trump administration’s policy. As a result of the Treasury’s designation, any assets held by the sanctioned entities in the US or by US entities are now frozen and must be reported to the sanctions division. The sanctions also extend to any businesses owned directly or indirectly by the targeted individuals.
In a firm stance against Iran’s oil revenue-generating efforts to fund destabilizing activities, the State Department reiterated the US commitment to countering Iran and its allies in evading sanctions. Principal Deputy Spokesperson Tommy Pigott emphasized the resolve to promote accountability for Iran’s actions.