U.S. Sanctions Target China's Oil Trade with Iran in Strategic Crackdown
The U.S. has imposed sanctions on entities supporting Iran's oil trade, including a Chinese refinery, aiming to hinder Iran's nuclear funding. Despite sanctions, Iran's oil exports increase. China opposes the U.S. measures, stressing they hinder normal economic activities with Iran.
The United States government has implemented sanctions against approximately 100 individuals, entities, and vessels involved in Iran's oil and petrochemical industry, marking a significant diplomatic move.
Among the sanctioned entities is the Shandong Jincheng Petrochemical Group, an independent Chinese refinery accused of purchasing millions of barrels of Iranian oil since 2023. This action by the Treasury Department aims to disrupt Iran's alleged funding of nuclear and missile programs.
The United States maintains these sanctions despite increasing Iranian oil exports, which reportedly reached new heights in September. China has firmly opposed these measures, citing them as an interference in lawful trade between China and Iran.
(With inputs from agencies.)
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