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The U.S. Treasury’s Office of Foreign Assets Control (OFAC) on Friday sanctioned a serious Chinese language oil refinery and dozens of ships tied to Iran’s “shadow fleet,” escalating efforts to choke off Tehran’s important income.
Officers mentioned in a press launch the transfer targets Hengli Petrochemical, considered one of Iran’s largest oil patrons, together with a community of delivery corporations and tankers accountable for transporting billions of {dollars} value of petroleum merchandise to overseas markets.
The Treasury Division recognized these “shadow fleet” vessels because the monetary lifeline for Iran’s “unstable regime.”
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The crackdown is a part of Financial Fury, a broader marketing campaign to squeeze Iran’s financial system by limiting its capacity to promote oil overseas, income the U.S. says funds the regime’s military and destabilizing actions throughout the Center East.
“Financial Fury is imposing a monetary stranglehold on the Iranian regime, hampering its aggression within the Center East and serving to to curtail its nuclear ambitions,” Treasury Secretary Scott Bessent mentioned.
An oil tanker close to the terminal at Kharg Island, Iran, as U.S. officers and analysts contemplate whether or not seizing the island may considerably influence Iran’s oil exports. (Ali Mohammadi/Bloomberg through Getty Pictures)
Hengli Petrochemical (Dalian) Refinery Co. is a China-based “teapot” refinery, a time period used for impartial services identified for buying discounted crude, together with from sanctioned international locations.
The refinery, considered one of China’s largest impartial services, has obtained Iranian oil cargoes from sanctioned shadow fleet vessels since at the very least 2023. Hengli has additionally bought oil tied to Iran’s armed forces, producing tons of of tens of millions of {dollars} for the Iranian army.
Hengli has additionally obtained shipments tied to Sepehr Power Jahan Nama Pars Firm, a agency recognized by U.S. officers as a entrance for Iran’s armed forces that helps facilitate oil gross sales overseas.
The corporate operates on behalf of Iran’s Armed Forces Common Workers, utilizing a community of intermediaries and vessels to maneuver sanctioned crude, with proceeds serving to fund the nation’s army packages and regional proxy teams.
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The Iranian-flagged Touska cargo ship after U.S. forces launched missiles at its management room after its violation of the U.S. blockade within the Strait of Hormuz April 20, 2026. (U.S. Central Command )
The brand new sanctions additionally goal the community that makes these oil gross sales potential, a “shadow fleet” of aging tankers and shell companies that transfer petroleum throughout world markets whereas evading sanctions and obscuring the origin of shipments.
These ships keep away from detection by transferring cargo from one tanker to a different within the open ocean. Treasury officers mentioned 19 vessels have been focused within the motion.
A U.S. army helicopter hovers over the sanctioned stateless crude oil tanker M/T Tifani throughout an interdiction April 21, 2026. (Division of Conflict)
The transfer is a part of the Trump administration’s renewed “most stress” marketing campaign in opposition to Iran, geared toward chopping off the regime’s major income via oil exports and sanctions enforcement.
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U.S. officers say oil exports stay the spine of Iran’s financial system, and efforts to limit these flows are designed to restrict the federal government’s capacity to fund its army, help proxy teams and advance its nuclear program.
Treasury officers warned that extra sanctions are possible because the U.S. continues targeting the networks, intermediaries and patrons that allow Iran to maneuver oil on the worldwide market.
