The US on May 1 imposed sanctions on a Chinese oil terminal accused of handling Iranian crude, escalating pressure on Iran and warning of consequences for ships paying “tolls” demanded by Tehran in the Strait of Hormuz.
The sanctions target Qingdao Haiye Oil Terminal Co Ltd, which Washington said imported “tens of millions of barrels” of Iranian crude, helping Iran generate billions of dollars in revenue.
The move comes as diplomacy remains stalled following President Donald Trump’s halt to US-Israeli attacks against Iran, and just weeks before his scheduled visit to China, a major buyer of Iranian oil.
Under the sanctions, any transactions involving the US through the terminal operator will be criminalised, extending Washington’s campaign to cut off Iran’s oil revenues and punish sanctions-evading partners.
The US State Department said the action was aimed at stopping Iran from funding what it described as destabilising activities in the region.
At the same time, the Office of Foreign Assets Control warned that payments made to Iran for safe passage through the Strait of Hormuz could also expose companies to sanctions risks.
Washington additionally sanctioned three Iranian foreign currency exchange houses accused of converting oil revenue into more usable currencies.
The latest measures underscore the US strategy of intensifying economic pressure even as tensions in the Middle East continue to disrupt global energy markets and drive oil prices higher.
