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The United States has escalated its sanctions campaign against Iran’s energy and maritime networks, unveiling a sweeping new round of measures under “Economic Fury” aimed at disrupting Tehran’s global oil trade and its so-called shadow fleet.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against China-based Hengli Petrochemical (Dalian) Refinery Co., Ltd., one of the largest independent “teapot” refineries in China, alongside roughly 40 shipping firms and vessels accused of facilitating Iranian oil exports.
According to the Treasury Department, Hengli has emerged as a major buyer of Iranian crude oil, purchasing billions of dollars’ worth of petroleum products and playing a key role in sustaining Iran’s energy revenues. Officials said the refinery has received shipments through sanctioned maritime networks operating across Asia.
The action also targets vessels identified as part of Iran’s “shadow fleet,” a network of tankers accused of covertly transporting crude oil, liquefied petroleum gas, and petrochemical products to international markets despite sanctions. The vessels reportedly conducted ship-to-ship transfers, falsified documentation, and used flags of convenience to move Iranian oil primarily to buyers in Asia.
U.S. Treasury officials said the campaign is intended to choke off funding streams that support Iran’s military and regional activities.
“Economic Fury is imposing a financial stranglehold on the Iranian regime,” said Treasury Secretary Scott Bessent. “At President Trump’s direction, we will continue to disrupt the networks of vessels, intermediaries, and buyers enabling Iran’s oil exports.”
The sanctions were issued under Executive Order 13902 and aligned with broader U.S. national security directives targeting Iran’s petroleum sector and sanctions-evasion mechanisms. Since February 2025, the Treasury Department says it has sanctioned more than 1,000 Iran-related individuals, entities, vessels, and aircraft.
Officials said China’s independent “teapot” refineries remain a critical revenue source for Iran. Hengli Petrochemical, identified as China’s second-largest independent refinery, has allegedly received multiple shipments of Iranian crude delivered via sanctioned tankers over the past several years.
U.S. authorities also claim that some shipments were linked to Iran’s Armed Forces General Staff through its oil trading arm, generating significant revenue for Tehran’s military establishment.
In parallel, OFAC designated 19 additional vessels and multiple shipping companies across Hong Kong, Panama, the Marshall Islands, Vietnam, and other jurisdictions. The tankers are accused of transporting millions of barrels of Iranian oil and petroleum products through covert maritime routes to destinations including China, the United Arab Emirates, and Bangladesh.
The sanctioned fleet includes crude oil tankers, LPG carriers, and chemical tankers allegedly involved in repeated ship-to-ship transfers and identity masking to evade detection.
The Treasury Department said the measures are part of an ongoing strategy to dismantle Iran’s sanctions-evasion infrastructure by targeting shipping operators, intermediaries, and buyers involved in petroleum trade.
Officials warned that any entity, domestic or foreign, facilitating such transactions risks exposure to secondary sanctions, including asset freezes and restrictions on access to the U.S. financial system.
