US threatens to sanction banks that help China buy Iran oil

The US has warned banks they are at risk of secondary sanctions if they support Chinese private refiners that buy Iranian oil, cranking up pressure on Tehran even at the cost of further irking Beijing just weeks ahead of a leaders’ meeting. Washington has been ratcheting up its efforts to cut off Iranian oil shipments, a vital financial lifeline. Late last week, the Treasury Department’s Office of Foreign Assets Control sanctioned Hengli Petrochemical (Dalian) Refinery Co., one of China’s largest private oil refiners — targeting a large and well-connected player in the country’s vast crude-processing industry. On Tuesday, the Treasury…