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Yahoo
16-04-2025
- Business
- Yahoo
U.S. sanctions Chinese refinery importing Iranian oil
April 16 (UPI) -- The U.S Treasury Department on Wednesday announced sanctions on a Chinese refinery for allegedly importing more than a billion dollars in Iranian oil. The Treasury sanctioned Handong Shengxing Chemical Company, which it said is a front for Iran's Islamic Revolutionary Guard Corps-Qods Force. "Any refinery, company, or broker that chooses to purchase Iranian oil or facilitate Iran's oil trade places itself at serious risk," said Secretary of the Treasury Scott Bessent in a statement. "The United States is committed to disrupting all actors providing support to Iran's oil supply chain, which the regime uses to support its terrorist proxies and partners." Also sanctioned were several companies and vessels Treasury said are responsible for facilitating Iranian oil shipments to China as part of Iran's "shadow fleet." The ships Nyantara, and Reston were sanctioned for allegedly transporting Iranian petroleum. Other alleged "shadow fleet" vessels sanctioned include the Egret, the Bestla and the Rani. They have shipped billions of dollars worth of Iranian oil, according to the Treasury Department. Companies alleged to operate those ships were also sanctioned. They include Panama-based Oceanic Orbit; Malaysia-based Pro Mission SDN BHD, Marshall Islands-based Bestla Company Limited; Hong-Kong-based Dexiang Shipping Co.; Panama-based Civic Capital Shipping; and Starboard Shipping Inc. According to the Treasury Department between March 2020 and January 2023, Shandong Shengxing sent over $800 million in wire transfers to China Oil and Petroleum Company. Treasury alleges that China Oil is actually a front company for the IRGC-QF that has "laundered billions through the U.S. financial system in support of the IRGC-QF, $108 million of which was seized by the Justice Department." In March, the Treasury Department sanctioned Shandong Shouguang Luqing Petrochemical Co. Ltd., another alleged Chinese 'teapot" refinery for importing Iranian oil. The company's legal representative and chief executive officer Wang Xueqing was also sanctioned.
Yahoo
20-03-2025
- Business
- Yahoo
U.S. sanctions Chinese ‘teapot' oil refinery, targets Iranian shadow fleet
March 20 (UPI) -- Federal officials have sanctioned a Chinese oil refinery, as well as an oil storage facility and their owners to cut off Iranian revenues from illicit oil sales that violate international sanctions. The Treasury Department said it sanctioned China-based Shandong Shouguang Luqing Petrochemical Co. Ltd. and its legal representative and chief executive officer, Wang Xueqing, for purchasing and refining hundreds of millions of dollars worth of Iranian crude oil. "Teapot refinery purchases of Iranian oil provide the primary economic lifeline for the Iranian regime, the world's leading state sponsor of terror," Treasury Secretary Scott Bessent said. "The United States is committed to cutting off the revenue streams that enable Tehran's continued financing of terrorism and development of its nuclear program." The State Department concurrently sanctioned the Huaying Huizhou Daya Bay Petrochemical Terminal Storage oil terminal in China for buying and storing Iranian crude oil from a sanctioned vessel. The Department of State says "teapot" refineries are private Chinese refineries that are the primary purchasers of Iranian crude oil. Thursday's sanction is the first against a teapot refinery. A "shadow fleet" of oil tankers transports the Iranian crude oil to the refineries and storage facilities, often by transferring the oil to other vessels in international waters while using deceptive automatic identification system signals to conceal their locations and activities. The Iranian shadow fleet includes vessels linked to the Houthis in Yemen and Iran's Ministry of defense of Armed Forces Logistics,according to the State Department. The Houthis are a designated foreign terrorist organization that attacks commercial shipping in the Red Sea and Gulf of Aden. The State Department and Treasury Department also sanctioned a dozen entities and eight vessels identified as part of the shadow fleet. The vessels are flagged by many nations and owned and operated by entities in Hong Kong, China, Panama, Liberia and the British Virgin Islands. The sanctions mean all property and interests in property of the sanctioned people and entities that are located in the United States or in the possession or control of U.S. citizens are blocked and must be reported to the Treasury Department's Office of Foreign Assets Control. Violations of the sanctions are punishable by civil or criminal penalties on U.S. citizens and those of foreign countries.
