The US imposed sanctions on about 100 individuals, entities, and vessels, including a Chinese independent refinery and terminal, that supported Iran’s oil and petrochemicals trade, the administration of President Donald Trump said on Thursday.
The Treasury Department sanctioned Shandong Jincheng Petrochemical Group, described as an independent teapot refinery in Shandong Province that purchased millions of barrels of Iranian oil since 2023.
It also sanctioned China-based Rizhao Shihua Crude Oil Terminal, which operates a terminal at Lanshan Port. Treasury said the terminal accepted more than a dozen of Iran’s so-called shadow fleet vessels that evade sanctions. The tankers included Kongm, Big Mag, and Voy, which transported several million barrels of Iranian oil to Rizhao.
The US believes Iran’s oil networks help Tehran fund its nuclear and missile programs and support militant proxies across the Middle East. Iran says its nuclear program is for peaceful purposes.
The sanctions were announced even as Israel and Hamas signed a Gaza ceasefire and hostage deal, which if fully implemented, would bring the two sides closer than any previous effort to halt a war that had evolved into a regional conflict involving countries such as Iran, Yemen, and Lebanon.
Treasury said this was the fourth round of sanctions targeting China-based refineries that continue to purchase Iranian oil.
“The Treasury Department is degrading Iran’s cash flow by dismantling key elements of Iran’s energy export machine,” said Treasury Secretary Scott Bessent.
Trump, at a Cabinet meeting in the White House following the sanctions announcement, said Iran indicated support for the Israel-Hamas ceasefire and hostage deal and that the US would work with Tehran.
“We'd like to see them be able to rebuild their country too, but they can't have a nuclear weapon,” Trump said, adding he will be leaving for the Middle East soon.
The State Department also designated Jiangyin Foreversun Chemical Logistics, the first China-based terminal for receiving Iranian-origin petrochemical products.
The Chinese embassy in Washington and Iran’s mission to the United Nations in New York did not immediately respond to requests for comment.
(Reporting by Timothy Gardner, Bhargav Acharya, Katharine Jackson; Editing by Marguerita Choy and Bill Berkrot)