Sanctions on Hengli Petrochemical (HENG) for Buying Iranian Oil

The U.S. Treasury Department imposed sanctions on Hengli Petrochemical (HENG) for purchasing Iranian oil, targeting one of its largest customers. The sanctions also affect approximately 40 shipping companies involved in Iran's oil transport. China's response emphasized its opposition to what it calls illegal sanctions, asserting that they undermine normal trade. Notably, China accounts for over 80% of Iran's oil shipments, according to 2025 data from Kpler.