Economic Fury Targets Global Network Fueling Iran’s Oil Trade and Shadow Fleet

Crackdown Targets Chinese Teapot Refinery; 40 Shipping Firms and VesselsWASHINGTON—Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned China-based independent teapot refinery Hengli Petrochemical (Dalian) Refinery Co., Ltd. (Hengli). China-based independent teapot refineries continue to play a vital role in sustaining Iran’s oil economy, and Hengli is one of Iran’s largest customers for crude oil and other petroleum products, having purchased billions of dollars’ worth of Iranian petroleum. Additionally, OFAC is targeting approximately 40 shipping firms and vessels that operate as part of Iran’s shadow fleet, whose transportation of petroleum and petrochemicals provides a financial lifeline to Iran’s unstable regime. Economic Fury continues to disrupt Iran’s ability to generate the revenue that enables Tehran’s reckless activities throughout the Middle East and its capacity to threaten American interests.