U.S. Treasury Warns Banks of Sanctions Over Chinese Refineries Handling Iranian Oil
The U.S. Treasury has issued a warning to financial institutions about the risk of sanctions if they engage in transactions with Chinese refineries that process Iranian oil. These refineries, known as 'teapots,' are primarily located in China's Shandong province and are significant importers of Iranian oil, which constitutes about 90% of Iran's oil exports. The Treasury's statement emphasized the need for enhanced due diligence on transactions involving these refineries and other entities in Asia and the Middle East linked to Iran's oil supply chain. U.S. Treasury Secretary Scott Bessent highlighted the ongoing 'maximum pressure' campaign against Iran, initiated by President Trump, which aims to cut off revenue streams to the Iranian regime. This campaign has already led to sanctions on several Chinese refineries and related logistics services. The Treasury's actions are part of broader efforts to prevent the Iranian regime from benefiting financially, which could support its weapons programs and military ... 
