US Sanctions Giant Chinese Refiner Hengli Over Iran Links

The US sanctioned one of China’s largest private oil refiners over its links to Iran, a move that ramps up economic pressure on Tehran but also risks irking Beijing just weeks ahead of an expected leaders’ summit.

The Treasury Department’s Office of Foreign Assets Control announced on Friday that it had imposed penalties on Hengli Petrochemical (Dalian) Refinery Co., which operates a modern oil-processing and chemical complex in Liaoning province, citing its purchases from Iran.