Story perspectives

US Treasury Sanctions Hengli Petrochemical, 40 Iran-linked Shippers

4/25/2026

Summary

Story summary

The U.S. Treasury Department sanctioned Hengli Petrochemical (Dalian) Refinery Co. and ~40 Iran-linked shipping firms, freezing U.S. assets.
Treasury Secretary Scott Bessent said the sanctions aim to cut Iran’s oil revenue for its military and nuclear programs.
The measures were timed to pressure Chinese President Xi Jinping before President Donald Trump’s May visit to Beijing and coincided with a U.S. blockade of Iran-linked vessels in the Strait of Hormuz.

History

Historical Context

After the 1979 Iranian Revolution, President Jimmy Carter froze roughly $1.7 billion of Iranian assets and, with Saudi Arabia and OPEC, cut Iran’s oil revenue by about 30 %. The 2024 Treasury move—targeting Hengli Petrochemical, adviser Scott Bessent and dozens of Iran-linked shippers—mirrors that embargo, using oil-related sanctions to pressure Tehran’s nuclear program.

1 of 2

Story summary

The U.S. Treasury Department sanctioned Hengli Petrochemical (Dalian) Refinery Co. and ~40 Iran-linked shipping firms, freezing U.S. assets.
Treasury Secretary Scott Bessent said the sanctions aim to cut Iran’s oil revenue for its military and nuclear programs.
The measures were timed to pressure Chinese President Xi Jinping before President Donald Trump’s May visit to Beijing and coincided with a U.S. blockade of Iran-linked vessels in the Strait of Hormuz.

1 / 2