New US sanctions on independent Chinese refinery aim to curb Iran’s oil exports
The US on Thursday imposed sanctions on a Chinese independent refinery and terminal that aided Iran’s oil and petrochemicals trade, according to President Donald Trump’s administration.
Trump’s administration also imposed sanctions on around 100 individuals, entities and vessels that conducted oil and petrochemicals trade with the Middle Eastern country, according to a Reuters report.
The US Treasury Department has imposed sanctions on Shandong Jincheng Petrochemical Group Co., an independent “teapot” refinery located in Shandong Province.
Shipments from Iran
The action was taken because the company has acquired millions of barrels of Iranian oil since 2023, according to the report.
The Treasury has also sanctioned China’s Rizhao Shihua Crude Oil Terminal Co., which manages a terminal at Lanshan Port.
Treasury has identified Kongm, Big Mag, and Voy as tankers that transported millions of barrels of Iranian oil to Rizhao.
This action comes as the Treasury identified over a dozen Iranian “shadow fleet” vessels that have circumvented existing sanctions.
The department identified three tankers—the Kongm, Big Mag, and Voy—as having been involved in the illicit transportation of several million barrels of Iranian oil.
These shipments were reportedly delivered to the port of Rizhao.
This action by the Treasury Department underscores ongoing efforts to enforce sanctions against Iran, aiming to curb its oil exports and limit funding for its various activities.
The designation of these specific vessels highlighted a continued focus on disrupting the networks that facilitate the circumvention of these sanctions.
US’ apprehensions
The United States harbors strong convictions that Iran’s extensive oil networks play a pivotal role in financing various controversial aspects of its national agenda.
Specifically, these networks are believed to be instrumental in providing financial support for Tehran’s nuclear program, which international observers and the US fear could be directed towards developing nuclear weapons capabilities.
In addition to its nuclear ambitions, the US also alleges that Iran’s oil revenues are used to fund its ballistic missile programs, raising concerns about regional stability and the proliferation of advanced weaponry.
Furthermore, a significant portion of these funds is believed to be channeled towards supporting militant proxies operating throughout the Middle East.
These proxies, often non-state actors, are accused of destabilising the region through various activities, including armed conflict, terrorism, and political interference.
The US views this support as a direct threat to its allies and interests in the region, contributing to ongoing geopolitical tensions.
In stark contrast to these allegations, Iran has consistently maintained that its nuclear program is solely for peaceful purposes.
Tehran asserts its right to develop nuclear technology for energy generation, medical applications, and scientific research, in compliance with international treaties and safeguards.
Sanctions amid Israel-Hamas peace pact
The recent US sanctions come after the signing of a Gaza ceasefire and hostage deal between Israel and Hamas.
If fully implemented, this agreement would mark the closest either side has come to ending a war that has escalated into a regional conflict, involving nations like Iran, Yemen, and Lebanon.
Meanwhile, Thursday’s sanctions mark the fourth series of restrictions imposed by the Treasury, targeting China-based refineries for their ongoing purchase of Iranian oil.
“The Treasury Department is degrading Iran’s cash flow by dismantling key elements of Iran’s energy export machine,” Treasury Secretary Scott Bessent was quoted in the Reuters report.
The US State Department announced the designation of Jiangyin Foreversun Chemical Logistics, the first China-based terminal, for its involvement in receiving petrochemical products originating from Iran.
The post New US sanctions on independent Chinese refinery aim to curb Iran's oil exports appeared first on Invezz
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New US sanctions on independent Chinese refinery aim to curb Iran’s oil exports
The US on Thursday imposed sanctions on a Chinese independent refinery and terminal that aided Iran’s oil and petrochemicals trade, according to President Donald Trump’s administration.
Trump’s administration also imposed sanctions on around 100 individuals, entities and vessels that conducted oil and petrochemicals trade with the Middle Eastern country, according to a Reuters report.
The US Treasury Department has imposed sanctions on Shandong Jincheng Petrochemical Group Co., an independent “teapot” refinery located in Shandong Province.
Shipments from Iran
The action was taken because the company has acquired millions of barrels of Iranian oil since 2023, according to the report.
The Treasury has also sanctioned China’s Rizhao Shihua Crude Oil Terminal Co., which manages a terminal at Lanshan Port.
Treasury has identified Kongm, Big Mag, and Voy as tankers that transported millions of barrels of Iranian oil to Rizhao.
This action comes as the Treasury identified over a dozen Iranian “shadow fleet” vessels that have circumvented existing sanctions.
The department identified three tankers—the Kongm, Big Mag, and Voy—as having been involved in the illicit transportation of several million barrels of Iranian oil.
These shipments were reportedly delivered to the port of Rizhao.
This action by the Treasury Department underscores ongoing efforts to enforce sanctions against Iran, aiming to curb its oil exports and limit funding for its various activities.
The designation of these specific vessels highlighted a continued focus on disrupting the networks that facilitate the circumvention of these sanctions.
US’ apprehensions
The United States harbors strong convictions that Iran’s extensive oil networks play a pivotal role in financing various controversial aspects of its national agenda.
Specifically, these networks are believed to be instrumental in providing financial support for Tehran’s nuclear program, which international observers and the US fear could be directed towards developing nuclear weapons capabilities.
In addition to its nuclear ambitions, the US also alleges that Iran’s oil revenues are used to fund its ballistic missile programs, raising concerns about regional stability and the proliferation of advanced weaponry.
Furthermore, a significant portion of these funds is believed to be channeled towards supporting militant proxies operating throughout the Middle East.
These proxies, often non-state actors, are accused of destabilising the region through various activities, including armed conflict, terrorism, and political interference.
The US views this support as a direct threat to its allies and interests in the region, contributing to ongoing geopolitical tensions.
In stark contrast to these allegations, Iran has consistently maintained that its nuclear program is solely for peaceful purposes.
Tehran asserts its right to develop nuclear technology for energy generation, medical applications, and scientific research, in compliance with international treaties and safeguards.
Sanctions amid Israel-Hamas peace pact
The recent US sanctions come after the signing of a Gaza ceasefire and hostage deal between Israel and Hamas.
If fully implemented, this agreement would mark the closest either side has come to ending a war that has escalated into a regional conflict, involving nations like Iran, Yemen, and Lebanon.
Meanwhile, Thursday’s sanctions mark the fourth series of restrictions imposed by the Treasury, targeting China-based refineries for their ongoing purchase of Iranian oil.
“The Treasury Department is degrading Iran’s cash flow by dismantling key elements of Iran’s energy export machine,” Treasury Secretary Scott Bessent was quoted in the Reuters report.
The US State Department announced the designation of Jiangyin Foreversun Chemical Logistics, the first China-based terminal, for its involvement in receiving petrochemical products originating from Iran.
The post New US sanctions on independent Chinese refinery aim to curb Iran's oil exports appeared first on Invezz
Read More
Commodity wrap: gold stays over $4,000/oz as COMEX silver hits record high