chinese refineries

U.S. Treasury Warns Financial Institutions of Sanctions for Deals with Chinese Refineries Processing Iranian Oil

The U.S. Treasury warned financial institutions they could face sanctions if they engage in dealings with Chinese refineries processing Iranian oil. The warning targets independent 'teapot' refineries that import Iranian crude, with China purchasing approximately 90% of Iran's oil exports. Treasury Secretary Scott Bessent said Iran could lose $170 million daily in revenue as storage capacity nears limit. Last week, the U.S. sanctioned one of China's largest teapot refineries, Hengli Petrochemical, along with four others.