US Hits Iran’s ‘Shadow Banking’ System With Sanctions, Warns Chinese Refineries

“Treasury’s Office of Foreign Assets Control today alerted financial institutions to the sanctions risks associated with independent “teapot” oil refineries in China, which import Iranian oil to ultimately benefit the Iranian regime, military, and weapons programs. Financial institutions should be on notice that Treasury will leverage its full range of tools and authorities to hold accountable financial institutions that facilitate these transactions,” it further added.