(MENAFN- Live Mint) The United States on Thursday announced sanctions on around 100 individuals, entities, and vessels, including Chinese companies, accused of facilitating Iran's oil and petrochemical exports, the Treasury Department said.

Among those targeted were Shandong Jincheng Petrochemical Group Co, described as an independent“teapot” refinery in Shandong Province that purchased millions of barrels of Iranian oil since 2023, and Rizhao Shihua Crude Oil Terminal Co, which operates a terminal at Lanshan Port and has received shipments from Iran's so-called shadow fleet. Tankers such as Kongm, Big Mag, and Voy transported several million barrels of Iranian oil to Rizhao.

Treasury Secretary Scott Bessent said the sanctions aim to“degrade Iran's cash flow by dismantling key elements of Iran's energy export machine.” The move targets networks that the US says help Tehran fund its nuclear and missile programs and support militant proxies across the Middle East. Iran maintains its nuclear program is for peaceful purposes.

The State Department also designated Jiangyin Foreversun Chemical Logistics, the first China-based terminal to receive Iranian-origin petrochemical products.

This marks the fourth round of US sanctions targeting China-based refineries buying Iranian oil. The actions come amid the signing of a Gaza ceasefire and hostage deal between Israel and Hamas, highlighting simultaneous US efforts to address Middle East security and energy concerns.

(With Reuters inputs)

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