The U.S. Department of the Treasury warned financial institutions of sanctions
risks tied to Chinese refiners processing Iranian crude, signaling potential
secondary sanctions. The Office of Foreign Assets Control said smaller private
refiners, particularly in Shandong, face blacklisting exposure. The move
increases pressure on Iran and could heighten tensions with China ahead of a
planned summit between Donald Trump and Xi Jinping. The US also sanctioned 35
entities linked to Iran’s shadow banking network and warned against payments
tied to transit through the Strait of Hormuz.
