Eight weeks into the Iran war, with talks deadlocked, the US Treasury on 24 April blacklisted Hengli — China's second-largest private petrochemicals group. The operation, dubbed "Economic Fury" in echo of the "Epic Fury" military campaign, also targets forty oil tankers — many held by Hong Kong-based shell companies — accused of moving Iranian crude to China or third countries.
The sanctions freeze any US assets of Hengli and its subsidiaries owned more than 50%, and cut those entities off from the US financial system. Foreign banks and suppliers that continue to work with them face secondary sanctions. Hengli — a 230,000-employee conglomerate active in petrochemicals, textiles, ceramics, tourism and shipbuilding, and one of China's largest "teapot refineries" (the mid-sized private refiners that process 25% to 30% of Chinese oil, per Wood Mackenzie) — has allegedly received more than 5 million barrels of Iranian crude since 2023, worth "billions of dollars", and financed the Iranian armed forces through the Sepehr Energy Nama Pars Company for "several hundred million dollars". Hengli calls the allegations "baseless" and says it holds three months of inventory.
The financial hit was immediate: Hengli Petrochemical Refinery fell 10% on Monday (the daily limit), the group will now settle orders in yuan, and two Asian customers have reportedly already cancelled. Donald Trump is expected in China on 14–15 May. Source: Les Echos, 27 April 2026, Raphaël Balenieri.