U.S. Department of the Treasury is a state-owned entity headquartered in the US, founded in 1789 and employing approximately 11,480 individuals. The department specializes in government administration.
On May 2, China’s Ministry of Commerce issued an injunction to block U.S. sanctions imposed by the U.S. Treasury on five Chinese refiners accused of buying Iranian oil. The ministry, citing state news agency Xinhua, named the five entities as Hengli Petrochemical (Dalian) Refinery, Shandong Jincheng Petrochemical Group, Hebei Xinhai Chemical Group, Shouguang Luqing Petrochemical, and Shandong Shengxing Chemical, deeming the U.S. sanctions a violation of international law. Previously, on the same day, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) issued an alert, warning both U.S. and non-U.S. owned shipping companies that they risk facing sanctions should they pay Iran for safe passage through the Strait of Hormuz. The Treasury clarified that any shipper paying tolls to Iran, including charitable donations to organizations such as the Iranian Red Crescent Society, could face punitive sanctions.
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