On April 24, 2026, the US Treasury Department's Office of Foreign Assets Control (OFAC) announced sanctions on Hengli Petrochemical (Dalian) Refining and Chemical Co., Ltd., citing that the US believed it had purchased billions of dollars worth of Iranian crude oil and petroleum products, making it an important customer of Iranian crude oil and petroleum products. Meanwhile, OFAC has also sanctioned approximately 40 shipping companies and vessels associated with Iran's "shadow fleet". The United States claims that Hengli will start receiving Iranian oil from at least 2023, including goods transported through sanctioned shadow fleet tankers. The United States also accuses Hengli of receiving crude oil supervised by the oil sales agency under the General Staff of the Iranian Armed Forces, thereby bringing billions of dollars in revenue to the Iranian military. After the sanctions on Hengli Petrochemical are included in SDN, assets within the United States or controlled by Americans will be frozen, and Americans are generally not allowed to trade with them. If a company is directly or indirectly held by these sanctioned entities for more than 50%, it will also be regarded as a frozen object. If non US entities continue to help them evade sanctions, there may also be a risk of secondary sanctions. OFAC has also issued a General License V, allowing necessary "closing transactions" involving Hengli Petrochemical (Dalian) Refining and Chemical Co., Ltd. to continue until 00:01 Eastern Time on May 24, 2026, but payments to sanctioned entities must enter a frozen interest bearing account within the United States.