New US Sanctions Against Shipping Companies and Oil Tankers Related to Iran

On Wednesday, April 27, the United States imposed new sanctions as part of its 'maximum pressure' campaign against Iran. These sanctions target shipping companies and oil tankers involved in the export of Iranian oil, particularly to China. The US Treasury Department announced that the independent Chinese refining company 'Shandong Shengxing Chemical Company' has been sanctioned for purchasing over $1 billion worth of Iranian crude oil, including from companies affiliated with the Quds Force of the Islamic Revolutionary Guard Corps. Additionally, several other shipping companies and oil tankers that have played a role in Iran's 'hidden' fleet for transferring oil to China have also been sanctioned. This marks the sixth round of sanctions against Iranian oil sales since the issuance of a new national security memorandum by Donald Trump in February 2025. An Islamic Republic diplomat stated that Iran's extensive exports to East Asia have been disrupted. Oil tankers flagged from Panama, Cameroon, and Malaysia that have transferred millions of barrels of Iranian oil to China via ship-to-ship transfers are now on the US blocked assets list. The owners and operators of these tankers in Hong Kong, Panama, Malaysia, and the Marshall Islands have also been sanctioned. The US Treasury Department has warned that any company or refinery participating in oil trade with Iran will face sanctions. The aim of these measures is to cut off Iran's financial resources for supporting proxy groups and destabilizing activities in the region. The US Treasury Secretary met with representatives from 16 global banks and federal agencies on April 2 to coordinate the enforcement of sanctions against Iran, including efforts to halt the country's oil exports. Scott Busent stated that Iran's oil revenues are used to support proxy groups and nuclear programs, warning banks to counter Iran's 'shadow banking network.' The US has also targeted small Chinese refineries that purchase Iranian oil. Bloomberg reported that approximately 17 million barrels of Iranian crude oil remain unsold around Malaysia.