Treasury targets Iran shadow banking network, warns Chinese ‘Teapot’ refineries over sanctions risk
The U.S. Treasury Department's Office of Foreign Assets Control updated its SDN List, issued Iran-related FAQ 1249 and published an alert on sanctions risks tied to dealing with China-based independent "teapot" oil refineries on April 28, 2026.
WASHINGTON, April 28, 2026 — The U.S. Treasury Department's Office of Foreign Assets Control on Tuesday updated its Specially Designated Nationals and Blocked Persons List, while also issuing an Iran-related Frequently Asked Question, FAQ 1249, and publishing a new Iran-related alert titled "Sanctions Risk of Dealing with Teapot Oil Refineries."
The SDN List update added 17 individuals and 18 entities, according to the published annexes. Most of the new entries were designated under the Iran-related authority identified as IRAN-EO13902, and many were marked as subject to secondary sanctions.
The individuals added to the list include Iranian nationals and one Philippines national based in Dubai. Several were identified in the annexes as linked to companies in Iran, including Farab Soroush Afagh Qeshm Company, Tejarat Sarir Afrooz Kish Company, Karmaniya Tejarat Asar Kish Company, Naghsh Simorgh Sahand LLC, Khavar Tejarat Arka Kish Company and Rahbar Tejari Setareh Taban Kish Company.
The entities added include companies in Iran, Hong Kong and the United Kingdom. Among them, Tai Lung Trading Limited was listed under the SDGT program, while the other named entities in the annexes were listed under IRAN-EO13902.
OFAC's main notice did not provide further detail on the substance of FAQ 1249 or the contents of the refinery-related alert beyond their publication. The related Treasury press release links on the page were titled "Treasury Warns of Sanctions Risks Linked to China-Based Independent 'Teapot' Oil Refineries" and "Economic Fury Targets Iran Shadow Banking Facilitators."
Regulatory Actions
Structured data extracted from official sources and validated by sanctions experts