FX.co ★ U.S. Targets Chinese Firms Aiding Iranian Oil Trade

The United States announced sanctions targeting approximately 100 individuals, entities, and vessels suspected of facilitating Iran's oil and petrochemical trade, as per the Trump administration's announcement on Thursday. The U.S. Treasury Department imposed penalties on Shandong Jincheng Petrochemical Group, an independent Chinese refinery, for allegedly purchasing millions of barrels of Iranian oil since 2023. Additionally, Rizhao Shihua Crude Oil Terminal was sanctioned for accepting over a dozen Iranian tankers that were already under sanctions, such as Kongm, Big Mag, and Voy. The U.S. maintains that these networks contribute financial support to Iran’s nuclear and missile programs and its backing of militant groups throughout the Middle East, despite Tehran's assertion that its nuclear activities are strictly for peaceful purposes. The imposition of these sanctions coincided with an agreement reached between Israel and Hamas for a ceasefire and a hostage exchange deal concerning Gaza.