US imposes sanctions on Chinese refinery and Iranian ghost fleet

On April 25, 2026, the United States Department of the Treasury announced new sanctions targeting the Chinese private refinery Hengli and approximately 40 maritime companies and vessels. The sanctions were imposed due to Hengli’s alleged multibillion-dollar transactions involving the purchase of crude oil and petroleum products from Iran. Washington identifies the sanctioned vessels as part of Iran's "ghost fleet," which facilitates oil exports to international markets. US Treasury Secretary Scott Bessent stated that these measures aim to disrupt the network of intermediaries and buyers supporting the Iranian economy. The sanctions involve the freezing of assets held within US jurisdiction and a ban on transactions between US entities and the designated parties. These actions are reportedly part of a broader economic strategy referred to by the administration as "Economic Fury." The US government maintains that these measures are necessary to curb the flow of funds to the Iranian regime.