US Treasury warns banks about sanctions risk for processing Iranian oil for Chinese refineries

The U.S. Treasury warned banks of sanctions risk for dealing with Chinese refineries processing Iranian oil. The alert targets independent "teapot" refineries that import Iranian oil, noting China buys 90% of Iran's exports. Such transactions may expose financial institutions to U.S. sanctions. This action is part of a U.S. "maximum pressure" campaign to cut off revenue to Iran, with several Chinese refineries already sanctioned.