U.S. Intensifies Sanctions on China's 'Teapot' Oil Refineries
The U.S. has imposed sanctions on a third Chinese oil refinery for purchasing Iranian oil, affecting China-Iran trade. The sanctions aim to cut Iran's export revenue ahead of U.S.-Iran nuclear talks. Other Chinese refiners have also been deterred from buying Iranian crude following these measures.
The Trump administration has intensified its sanctions on China's independent oil refineries, targeting a third Chinese entity for purchasing Iranian oil. This move comes ahead of anticipated U.S.-Iran nuclear talks.
The U.S. Treasury Department designated Hebei Xinhai Chemical Group and three companies for operating a terminal at Dongying Port, accusing them of facilitating the purchase of Iranian oil. The aim is to curtail Iran's revenue and pressure Tehran into a nuclear deal.
China has strongly opposed the U.S.'s unilateral sanctions, arguing they interfere with China-Iran economic cooperation. Despite these new sanctions, analysts believe they merely sustain pressure without significantly altering Iranian exports.
(With inputs from agencies.)
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