U.S. Sanctions Strike Chinese Oil Industry for Iranian Deals
The Trump administration has imposed sanctions on Chinese oil refinery Hebei Xinhai Chemical Group and companies operating a port terminal in China for engaging in Iranian oil trade. These actions are part of the U.S. strategy to pressure Iran over its nuclear program and funding of militant groups.
In a significant move to pressure Iran, the administration of U.S. President Donald Trump announced sanctions targeting the Chinese oil sector. The sanctions, unveiled on Thursday, affect the Hebei Xinhai Chemical Group refinery and companies operating at the Dongying Port terminal in Shandong Province.
The sanctions, designed to disrupt Iran's oil revenue stream, follow the re-imposition of a 'maximum pressure' policy aimed at curbing Iran's nuclear ambitions and its support for militant groups across the Middle East. The U.S. Treasury clarified its stance, emphasizing accountability for both Iran and its partners in sanctions evasion.
These measures continue a pattern of targeting smaller Chinese refiners, which have found their operations disrupted. Larger refiners now also face deterrence in purchasing Iranian crude due to increasing U.S. sanctions, signaling a tightening grip on China's engagement with Iranian energy exports.
(With inputs from agencies.)
ALSO READ
IMF Research Unpacks How Treasury Buybacks Improve Bond Prices and Dealer Capacity
U.S. Treasury Reports Surging Tax Revenues Amid Record Spending
U.S.-China Trade Talks to Continue: Treasury Signals Further Negotiations
Jim O'Neil's Strategic Move: Boosting Britain's Growth from Within the Treasury
Dollar Tumbles as U.S. Treasury Yields Follow Suit
Google News