The Treasury Department unveiled new sanctions on April 16 against a China-based refinery accused of purchasing more than $1 billion worth of Iranian oil—the latest move by the Trump administration as part of its “campaign of maximum economic pressure” on Tehran.
The department’s Office of Foreign Assets Control (OFAC) sanctioned independent “teapot” refinery Shandong Shengxing Chemical Co. Ltd., based in Shandong Province, China.
Officials said the company has received dozens of shipments of Iranian crude oil from “shadow fleet” vessels, some of which have been sanctioned for their role in transporting Iranian petroleum.
Some of the petroleum came from a front company for Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), the department said….