Latest news with #HebeiXinhaiChemicalGroupCo.
Scoop
10-05-2025
- Business
- Scoop
Third China-Based 'Teapot' Refinery Designated For Violating Iran Sanctions
The United States is sanctioning China-based independent 'teapot' refinery Hebei Xinhai Chemical Group Co., Ltd. and three oil terminal operators for their role in purchasing or facilitating the delivery of hundreds of millions of dollars' worth of Iranian oil. Additionally, the United States is designating numerous firms, vessels, and vessel captains involved in facilitating the transportation of Iranian oil to China as part of Iran's 'shadow fleet,' which funds Iran's destabilizing behavior and support to terrorist proxies. This is the United States' third action against a China-based independent teapot refinery since President Trump issued National Security Presidential Memorandum 2 on February 4, 2025. So long as Iran attempts to generate oil revenues to fund its destabilizing activities, the United States will hold both Iran and all its partners in sanctions evasion accountable. Today's action is being taken pursuant to Executive Order (E.O.) 13902, which targets Iran's petroleum and petrochemical sectors, and E.O. 13846, which targets Iranian petroleum exports. This action also marks the latest round of sanctions targeting Iranian oil sales since the President issued National Security Presidential Memorandum 2 (NSPM-2), instituting a campaign of maximum pressure on Iran.
Axios
08-05-2025
- Business
- Axios
Treasury sanctions Chinese refiner, port operators over Iranian oil
The Treasury Department on Thursday said it was imposing sanctions on a Chinese refinery and the operators of a Chinese port over shipments of Iranian crude oil. Why it matters: The sanctions follow President Trump's threat last week to punish anyone that bought Iranian oil, which was seen as mostly affecting China and Chinese companies. "The United States remains resolved to intensify pressure on all elements of Iran's oil supply chain to prevent the regime from generating revenue to further its destabilizing agenda," Treasury Secretary Scott Bessent said in a statement. Driving the news: The sanctions affect refiner Hebei Xinhai Chemical Group Co., Ltd., as well as three companies operating a terminal in Dongying Port in China. Treasury's Office of Foreign Assets Control said it was also targeting a half-dozen "shadow fleet" ships involved in the transport of Iranian oil, as well as two ship captains. Thursday's sanctions follow similar actions Treasury and the State Department took in March against a Chinese refiner and others. How it works: The sanctioned people and entities are now "blocked," which means Americans are generally banned from doing business with them The intrigue: The sanctions come two days before Bessent and other U.S. officials are due to meet in Switzerland with Chinese officials to begin discussing a de-escalation of the ongoing trade war.
