The Trump administration announced it's imposing new sanctions against Iran's shadow fleet of oil tankers.
The Treasury Department's Office of Foreign Assets Control imposed the punishment on a Chinese teapot refinery along with 40 shipping companies and vessels that operate as part of Iran's shadow fleet, whose transportation of petroleum and petrochemicals provides a financial lifeline to Iran's regime.
The sanctions are part of a campaign called Economic Fury.
"Economic Fury is imposing a financial stranglehold on the Iranian regime, hampering its aggression in the Middle East, and helping to curtail its nuclear ambitions," Treasury Secretary Scott Bessent said in a statement.
"At President Trump's direction, Treasury will continue to constrict the network of vessels, intermediaries, and buyers Iran relies on to move its oil to global markets," Bessent added.
"Any person or vessel facilitating these flows — through covert trade and finance — risks exposure to U.S. sanctions," he continued.
The shadow fleet is the name given to the hundreds of illegal tankers that countries such as China, Venezuela, and Russia operate while trying to evade sanctions from countries including the U.S., the Washington Examiner reported.
Experts told the Examiner they believe 1,000 vessels are transporting oil in violation of various sanctions.
Hengli Petrochemical Refinery Co., the sanctioned Chinese refinery, is one of Iran's largest buyers of crude oil and other petroleum products, having purchased billions of dollars' worth of Iranian petroleum.
China-based independent teapot refineries continue to play a vital role in sustaining Iran's oil economy.
Since at least 2023, Hengli has received Iranian oil cargoes from a host of sanctioned shadow fleet vessels, which alone have delivered over 5 million barrels of Iranian crude oil.
"Constraining Iran's maritime trade through the blockade directly targets the regime's primary revenue lifelines," a senior administration official told the Examiner.
"Any person or vessel facilitating these illicit flows — through covert trade and finance — risks exposure to U.S. sanctions," the official added.
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