The U.S. Department of the Treasury and the State Department issued announcements on Thursday (October 9) targeting nearly 100 individuals, entities, and vessels involved in facilitating trade of Iranian oil and petrochemical products, including multiple Chinese companies and citizens.
According to the U.S. Treasury Department, the Office of Foreign Assets Control (OFAC) imposed sanctions on over fifty individuals, entities, and vessels involved in facilitating the sale and transportation of Iranian oil and liquefied petroleum gas (LPG). These sanctioned entities collectively enabled the export of billions of dollars worth of oil and petroleum products from Iran, providing crucial revenue to the Iranian regime to support terrorist organizations that threaten the United States.
The Treasury Department also stated that the action targeted a network involved in transporting Iranian LPG worth billions of dollars, including over twenty shadow fleet vessels, a crude oil terminal in China, and an independent “teapot” refinery.
Treasury Secretary Benson stated, “The Treasury Department is weakening Iran’s cash flow by dismantling key components of Iran’s energy export machine.”
Among the entities sanctioned is Shandong Jincheng Petrochemical Group Co., Ltd., an independent “teapot” refinery that has purchased millions of barrels of Iranian oil since 2023.
This marks the fourth round of sanctions imposed by the Trump administration on Chinese refineries continuing to purchase Iranian oil.
Rizhao Shihua Crude Oil Terminal Co., Ltd., a Chinese company, was also sanctioned. Rizhao Shihua operates the Rizhao Shihua Crude Oil Terminal located at Lanshan Port, which has received over a dozen shadow fleet vessels, including several now sanctioned tankers, transporting millions of barrels of Iranian oil to Rizhao.
Sanctions extend to companies like Qingdao Hexin United International Shipping Agency Co., Ltd., a shipping agency operating in Qingdao, China. In 2024, Qingdao Hexin represented the National Iranian Oil Company (NIOC) assisting vessels “PROGRESS V” and “SCORPIUS” to unload nearly 2 million barrels of Iranian oil at Qingdao Port.
In addition to the Treasury Department, the U.S. State Department also announced sanctions on approximately 40 entities, individuals, and vessels to disrupt revenue sources Iran’s regime uses to support overseas terrorism.
The sanctioned targets are involved in Iranian oil and petrochemical product trade, including some of the largest buyers in terms of quantity and value, as well as leadership of companies engaged in this trade.
One of the sanctioned targets is Jiangyin Foreversun Chemical Logistics Co Ltd, a chemical terminal operator headquartered in China. In February 2, 2025, Jiangyin Foreversun assisted the vessel “SUNRISE”, subject to U.S. sanctions, to dock and unload Iranian-origin petrochemical products. The vessel belongs to the National Iranian Tanker Company, also sanctioned by the United States.
The State Department also sanctioned Chinese citizen Gu Wenlong, the CEO and chairman of Jiangyin Foreversun Chemical Logistics Co Ltd.