Story perspectives

US Sanctions Chinese Refinery, Shippers; Russian Oil Waiver Ends

4/26/2026

Left

Bessent Warns

Scott Bessent warned that ending the waiver will cut off stranded Russian oil for vulnerable and poor nations.
The U.S. Treasury announced secondary sanctions on a major Chinese refinery and dozens of shipping firms handling Iranian oil.
The temporary license extending the Russian-oil waiver expired April 11 and will lapse May 16 without renewal.
Bessent said no sea exemption for Iranian oil, noting spikes after strikes and Hormuz closure.

Right

Treasury Sanctions Hengli

Treasury sanctioned Hengli Petrochemical (Dalian) Refinery, a Chinese plant processing about 400,000 barrels per day, for buying Iranian crude.
U.S. Treasury Secretary Scott Bessent announced sanctions on refinery and 40 Iran-linked shipping firms, stating license will not be renewed.
The Treasury seized roughly $344 million in cryptocurrency linked to Iran’s central bank and exchanges.
Bessent warned Kharg Island’s storage could empty within days, risking expensive well shut-ins.

History

Historical Context

After the United States withdrew from the Iran nuclear deal on 8 May 2018—following earlier 1995 executive orders that barred U.S. investment in Iran’s energy sector—it has repeatedly used secondary sanctions to curb Tehran’s exports. In 2024 Treasury Secretary Scott Bessent extended that approach, sanctioning China’s Hengli Petrochemical, further tightening pressure on global fuel markets.

1 of 3

Bessent Warns

Scott Bessent warned that ending the waiver will cut off stranded Russian oil for vulnerable and poor nations.
The U.S. Treasury announced secondary sanctions on a major Chinese refinery and dozens of shipping firms handling Iranian oil.
The temporary license extending the Russian-oil waiver expired April 11 and will lapse May 16 without renewal.
Bessent said no sea exemption for Iranian oil, noting spikes after strikes and Hormuz closure.

1 / 3