The United States has imposed fresh sanctions on a Chinese refinery and several companies and vessels for their involvement in purchasing and transporting Iranian crude oil, which Washington says helps fund Iran’s government and terrorist groups.
On April 16, 2025, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it has sanctioned Shandong Shengxing Chemical Co, Ltd, a China-based independent “teapot” refinery.
The refinery, located in China’s Shandong Province, purchased over $1 billion worth of Iranian oil. According to OFAC, some of this oil was supplied through a front company connected to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).
The Treasury Department stated that between March 2020 and January 2023, Shandong Shengxing transferred more than $800 million to China Oil and Petroleum Company Ltd (COPC), an IRGC-QF front company.
COPC was responsible for facilitating the sale of Iranian crude oil and laundered billions of dollars
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