Treasury Increases Pressure on Firms Importing Iranian Oil

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is increasing pressure on Iran’s export of oil, designating the “teapot” refinery Hebei Xinhai Chemical Group Co., Ltd. and three port terminal operators in Shandong Province for their role in purchasing or facilitating the delivery of hundreds of millions of dollars’ worth of Iranian oil. These teapot refineries, most of which are located in Shandong Province, purchase the majority of Iranian crude oil exports. OFAC is also imposing sanctions on several companies, vessels, and captains responsible for facilitating Iranian oil shipments as part of Iran’s “shadow fleet.” This is OFAC’s third action against a teapot refinery and its first targeting terminal operators in Shandong Province.