Treasury sanctions 40 Iran shadow-fleet vessels and China Hengli refinery

The U.S. Treasury Department's Office of Foreign Assets Control sanctioned Hengli Petrochemical (Dalian) Refinery Co., Ltd. — China's second-largest independent refinery — along with approximately 40 shipping firms and vessels operating as Iran's shadow fleet on April 24, 2026. Hengli had purchased billions of dollars in Iranian crude oil overseen by Sepehr Energy Jahan Nama Pars Company, the oil sales arm of Iran's Armed Forces General Staff. Treasury Secretary Scott Bessent announced the action as part of the administration's "Economic Fury" strategy against Iran.