The Sanctions Update is compiled by Steptoe's International
Trade and Regulatory Compliance team and Steptoe's Strategic
Risk team. You can subscribe to receive the Sanctions Update every
week through Steptoe's International Compliance Blog and Stepwise Risk Outlook publication home
pages.
For more information or advice on any of the developments
discussed below, please contact a member of our sanctions team here.
US Developments
OFAC Sanctions Chinese Entities for Alleged Purchases of
Iranian Oil
The Department of the Treasury's Office of Foreign Assets
Control (OFAC) has sanctioned Chinese "teapot" refinery
Hebei Xinhai Chemical Group Co., Ltd., and three port terminal
operators in Shandong Province for their alleged roles in
purchasing or facilitating the delivery of hundreds of millions of
dollars' worth of Iranian oil. In announcing the sanctions,
OFAC asserted that Chinese teapot refineries purchase the majority
of Iranian crude oil exports. OFAC also
