US Unveils New Economic Measures Against Iran Amid China's Opaque Oil Imports

The US Treasury is set to announce new economic measures against Iran on August 24, 2026, as part of its 'Economic Fury' campaign. The pressure is aimed at buyers of Iranian crude oil, with China being the top buyer since the Trump administration returned to power.

China's imports from Iran are not officially recorded, but customs data show that crude oil is relabeled under other Asian points of origin before reaching China. Transactions are often settled outside the Western banking system in non-Western currencies, making it difficult for US authorities to detect.

The Office of Foreign Assets Control (OFAC) has designated several 'teapot' refineries and shipping companies involved in this supply chain, including Hengli Petrochemical (Dalian) Refinery Co., Ltd. The company claims it never had a direct commercial relationship with Iran and received guarantees from its suppliers regarding the origin of the crude.

The US Treasury has warned Chinese banks that they risk secondary sanctions if they facilitate Iran-linked funds through their accounts. Chinese Foreign Ministry spokesperson Lin Jian rejected the US accusations without acknowledging them.