Revision History

The U.S. Treasury designated China's second-largest independent refinery, Hengli Petrochemical, along with approximately 40 shadow fleet vessels and shipping firms in its most aggressive move yet to choke off Iran's oil revenues. The action, part of the "Economic Fury" campaign that has now sanctioned over 1,000 targets since February 2025, comes weeks before a planned Trump-Xi summit and raises questions about whether maximum economic pressure can succeed where previous rounds have failed to durably reduce Iranian crude exports.