1-MIN READ1-MIN ListenSCMP ReporterandDewey Simin BeijingPublished: 3:08am, 2 May 2026The United States on Friday sanctioned multiple entities and individuals it said were involved in trading Iranian petroleum and petroleum products, including a China-based oil terminal operator and a Chinese national.
The State Department said the operator, Qingdao Haiye Oil Terminal Co., Ltd, “imported tens of millions of barrels of sanctioned Iranian crude oil”.
Also on the sanctions list is Li Xinchun, a Chinese national who is president of the China-based oil terminal, as well as a Hong Kong-based vessel management company and a Britain-based commercial manager.
Under the sanctions, all US-held assets of the designated entities are frozen and Americans are barred from doing business with them.
“The United States is taking decisive action to disrupt Iran’s illicit oil trade, the Iranian regime’s primary revenue streams that fund terrorism and regional destabilisation,” the State Department statement said.
“So long as Iran attempts to generate oil revenues to fund its destabilising activities, the United States will hold both Iran and all its sanctions-evading partners accountable.”
