The U.S. Treasury imposed sanctions on China’s Hengli Petrochemical (Dalian) Refinery on Friday, accusing it of buying billions of dollars in Iranian oil, in a significant escalation of Washington’s long-running effort to curb Tehran’s oil revenue. The firm’s Shanghai-listed parent firm Hengli Petrochemical denied doing business ​with Iran and said the sanctions lack factual and legal basis, and that it will strive to have them ‌lifted. Hengli operates a 400,000 barrel-per-day refining complex in the northeastern city of Dalian, making it the largest Chinese refiner to be singled out for sanctions by the United States since it renewed its crackdown on Iranian oil exports in 2019.

Full report : The U.S. Treasury imposed sanctions on China’s Hengli Petrochemical (Dalian) Refinery on Friday.