Sanctions

China asks banks to pause new loans to US-sanctioned refiners

Tensions are escalating between the superpowers just weeks before a long-awaited meeting

The Hengli Petrochemical complex at Changxing island in Dalian in 2018. The firm has denied US allegations that it traded with Iran.

China uses anti-sanctions law to counter US blacklisting of refiners that bought Iranian crude

This comes less than two weeks before US President Donald Trump is due to visit Beijing

China is deploying a blocking measure introduced in 2021 that was aimed at protecting its firms from foreign laws it deemed unjustified.

China’s rare defiance of US sanctions sparks showdown over banks

The Asian nation has long been the single largest buyer of Teheran’s oil shipments

While China’s state-owned entities generally stay away from blacklisted oil, private refiners have been Teheran’s most important consumers, making the most of discounted prices.

US warns of sanctions risks for Chinese refiners of Iranian oil

The move risks adding yet another irritant for China ahead of an expected summit between US President Donald Trump and China’s Xi Jinping next month

Hengli Petrochemical exported on average at least 50,000 tonnes per month of petrochemicals last year.

Chinese refiner Hengli, sanctioned by US, restructures Singapore unit: sources

Washington sanctions refinery unit for allegedly buying billions of dollars in Iranian oil

Hengli is among China’s top producers of purified terephthalic acid and one of world’s biggest petrochemical suppliers.

US sanctions on China oil giant Hengli turn up heat for teapot refiners

Hundreds of chemical, synthetic fibre and textile producers across East Asia face near-immediate disruption to supplies

Teapots account for a quarter of Chinese refinery capacity, operate with narrow and sometimes negative margins and have been squeezed recently by tepid domestic demand.

US imposes sanctions on Chinese ‘teapot’ refinery for buying Iranian oil

China buys more than 80% of Iran’s shipped oil, 2025 data from analytics firm Kpler shows

The emergency declaration, which will be in effect for one year, authorised the government to purchase fuel and petroleum products to ensure a timely and sufficient supply.

Philippines says working with Washington to obtain oil from US-sanctioned countries

Manila has temporarily increased coal-fired generation due to the energy supply pressures

US President Donald Trump said oil prices have not spiked as much as he had feared.

Trump says US is waiving certain oil-related sanctions to ensure supply

A prolonged spike in oil and petrol costs could cost Trump and Republicans at the midterm elections

The rial has been under pressure for years due to Western sanctions and systemic corruption that’s undermined confidence in the economy.

How Iran sanctions and a currency crash triggered mass protests

The country’s oil exports are still the mainstay of its economy