U.S. Imposed Sanctions on Chinese Teapot Refinery

SEATTLE (Oil Monster): The U.S. administration imposed sanctions on a Chinese teapot oil refinery and port terminal operators for alleged purchases of Iranian oil.

Sanctions have been applied to this refinery for the third time. The action is a component of the United States' continuous efforts to stop Iran's export earnings. The U.S. officials underlined that the restrictions are aimed at discouraging larger independent Chinese refiners from buying petroleum from Iran.

Reports state that the refinery owned by the Hebei Xinhai Chemical Group has been subject to penalties. Additionally, three businesses are being charged for running a terminal at Dongying Port in Shandong Province: Shandong Jingang Port Co., Shandong Baogang International Port Co., and Baogang (Dongying Donggang) Logistics and Warehousing Co. It claimed that hundreds of barrels of Iranian oil were bought and delivered through the facility.

It should be mentioned that the most recent round of U.S.-Iranian negotiations is set to begin this weekend in Muscat.

U.S. Treasury Secretary Scott Bessent responded to the development in a statement, saying that the United States is still determined to increase pressure on all parties involved in Iran's oil supply chain in order to stop the regime from making money that is then used to finance terrorist organizations.