Treasury sanctions Chinese refiner, port operators over Iranian oil purchases

The Treasury Department on Thursday said it was imposing sanctions on a Chinese refinery and the operators of a Chinese port over shipments of Iranian crude oil.Why it matters: The sanctions follow President Trump's threat last week to punish anyone that bought Iranian oil, which was seen as mostly affecting China and Chinese companies."The United States remains resolved to intensify pressure on all elements of Iran's oil supply chain to prevent the regime from generating revenue to further its destabilizing agenda," Treasury Secretary Scott Bessent said in a statement.Driving the news: The sanctions affect refiner Hebei Xinhai Chemical Group Co., Ltd., as well as three companies operating a terminal in Dongying Port in China. Treasury's Office of Foreign Assets Control said it was also targeting a half-dozen "shadow fleet" ships involved in the transport of Iranian oil, as well as two ship captains. Thursday's sanctions follow similar actions Treasury and the State Department took in March against a Chinese refiner and others. How it works: The sanctioned people and entities are now "blocked," which means Americans are generally banned from doing business with them The intrigue: The sanctions come two days before Bessent and other U.S. officials are due to meet in Switzerland with Chinese officials to begin discussing a de-escalation of the ongoing trade war. Editor's note: This story has been updated with background on the sanctions.

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