Treasury Department Sanctions Chinese Refinery Accused of Buying More Than $1 Billion Worth of Iranian Oil

The move comes as the Trump administration continues its ‘campaign of maximum economic pressure’ on Tehran.

The Treasury Department building in Washington on March 13, 2025. Alex Brandon/AP Photo

The Treasury Department unveiled new sanctions on April 16 against a China-based refinery accused of purchasing more than $1 billion worth of Iranian oil—the latest move by the Trump administration as part of its “campaign of maximum economic pressure” on Tehran.

The department’s Office of Foreign Assets Control (OFAC) sanctioned independent “teapot” refinery Shandong Shengxing Chemical Co. Ltd., based in Shandong Province, China.