In United States, the Trump administration has imposed economic sanctions on a major China-based oil refinery and around 40 shipping companies and tankers involved in transporting Iranian oil. The move, announced yesterday, follows a broader warning that secondary sanctions would target entities doing business with Iran.
Among the entities targeted is Hengli Petrochemical’s refinery in Dalian, one of China’s largest independent facilities, with a capacity of about four lakh barrels per day. The US Treasury said, the refinery has been receiving Iranian crude since 2023 and generated hundreds of millions of dollars for Iran’s military.
The measures are part of a wider US effort to curb Iran’s oil exports, a key source of revenue for the country. The sanctions come just weeks before a planned meeting between President Donald Trump and Chinese President Xi Jinping in China.
Meanwhile, the US continues to maintain a physical blockade on the Strait of Hormuz, a critical route for global energy supplies.
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