The United States has warned financial institutions of sanction risks regarding Chinese oil refineries with ties to Iran. These measures aim to crack down on Iran's shadow banking system and Chinese purchases of Iranian oil, ramping up economic pressure on Tehran.
China currently purchases approximately 90% of Iran's oil exports, with the majority of these imports accounted for by teapot refineries. The US has threatened banks doing business with these refineries, which have been accused of paying tolls for passage through the Strait of Hormuz.
Additionally, the United States has sanctioned 35 entities and individuals accused of overseeing a shadow banking network for Iran. These actions risk increasing tension with Beijing ahead of an expected summit between the leaders of the two countries.