US sanctions Chinese oil terminal, refinery in Iran crackdown

The US Treasury Department sanctioned a Chinese crude oil terminal and independent refinery that have handled millions of barrels of Iranian petroleum,as the Trump administration escalates pressure on Iran's energy export network.

The Rizhao Shihua Crude Oil Terminal at Lanshan port and Shandong Jincheng Petrochemical Group, an independent refinery in Shandong province, were among over 50 individuals,entities and vessels targeted in the sanctions package announced Oct.9.

"The Treasury Department is degrading Iran's cash flow by dismantling key elements of Iran's energy export machine," Treasury Secretary Scott Bessent said in a statement.

The sanctions target actors that "have collectively enabled the export of billions of dollars' worth of petroleum and petroleum products, providing critical revenue to the Iranian regime," according to the statement.