The US Treasury’s Office of Foreign Assets Control designated Hengli Petrochemical (Dalian) Refinery Co., Ltd. on April 24 for purchasing billions of dollars’ worth of Iranian petroleum products since at least 2023. More than five million barrels were reportedly delivered via the « shadow fleet, » with proceeds allegedly flowing to Iran’s Armed Forces General Staff through Sepehr Energy Jahan Nama Pars Company. The sanctions extended to approximately 40 shipping entities and vessels. The designation carries secondary sanctions risk for any international entity doing business with Hengli, potentially cutting the company off from dollar-denominated transactions and Western financial infrastructure. Hengli has reportedly secured at least two million barrels of West African crude for near-term delivery to offset the loss of Iranian supply.
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