OFAC designates 19 shadow fleet tankers and Hengli Petrochemical under EO 13902

Treasury Secretary Scott Bessent announced OFAC designations of 19 shadow fleet vessels, 20 shipping companies, and China's Hengli Petrochemical (Dalian) Refinery Co. under Executive Order 13902. The Hengli designation was the first to target China's second-largest independent teapot refinery, citing its purchase of billions of dollars of Iranian petroleum and its documented transactions with Sepehr Energy, the oil sales arm of Iran's Armed Forces General Staff. OFAC simultaneously issued General License V for a wind-down period.