The US Department of State has announced new sanctions targeting the oil trade between Iran and China. According to an official statement, the sanctions cover several companies, one individual, and a vessel involved in the trade of Iranian petroleum, petroleum products, and petrochemicals. Among those sanctioned is Qingdao Haiye Oil Terminal Co. Ltd., a Chinese oil terminal operator accused of importing millions of barrels of crude oil despite existing US restrictions.
The statement further alleged that Haiye facilitated large financial transfers to Tehran and used complex ship-to-ship transfer methods to evade sanctions. In response, Liu Pengyu, spokesperson for the Chinese Embassy in Washington, told the South China Morning Post that Beijing opposes unilateral sanctions and extraterritorial jurisdiction not grounded in international law.
US sanctions on Iran’s oil sector were first introduced during the Trump administration. The report also notes that the US has previously sanctioned several Chinese refineries and Hong Kong-based shipping firms accused of involvement in Iranian oil trade.
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