US Treasury imposed sanctions on a unit of Hengli Petrochemical and 40 shipping firms for buying billions of dollars of Iranian petroleum.
Iranian crude accounts for ~12% of China’s 2025 oil imports, about 1.4 million barrels daily via private “teapot” refiners.
UANI reports nearly 600 vessels using “dark fleet” tactics to transport Iranian crude, up from 70 ships in 2020.
Hengli Petrochemical’s revenue reportedly tripled since 2018 to about $30 billion last year, highlighting the profitability of the sanctioned trade.