US EditionChina Blocks US Sanctions on Five Petrochemical Firms
Beijing invoked its blocking statute for the first time, shielding five refiners accused of buying Iranian oil from U.S. financial penalties.
- On Saturday, Beijing's Ministry of Commerce announced China will not comply with US sanctions against five firms accused of purchasing Iranian oil, issuing an injunction to block the measures.
- Seeking to choke off revenue to Tehran, the United States has ramped up sanctions on these refineries, with the Trump administration targeting four of the firms last year.
- Targeted firms include Hengli Petrochemical Refinery and four 'teapot' refineries: Shandong Jincheng Petrochemical Group, Hebei Xinhai Chemical Group, Shouguang Luqing Petrochemical, and Shandong Shengxing Chemical.
- According to the Ministry, these measures 'improperly prohibit or restrict Chinese enterprises' and violate 'international law and the basic norms of international relations.'
- Washington imposed separate sanctions on Friday against Qingdao Haiye Oil Terminal, as President Donald Trump prepares to visit Beijing later this month for talks with Xi Jinping.
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105 Articles
Beijing has openly challenged Washington. The Chinese government has ordered domestic companies to ignore US sanctions on Chinese refiners trading Iranian oil. This is a fundamental shift. Although China has long criticized US sanctions, it has also tolerated its large companies complying with them so as not to close off access to the US financial system.
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China Rejects U.S. Sanctions on Refineries, Escalating Tensions Amid Ongoing Oil Conflict
Beijing has directed domestic firms to disregard U.S. restrictions tied to Iranian oil, as geopolitical tensions continue to drive global energy instability. The post China Rejects U.S. Sanctions on Refineries, Escalating Tensions Amid Ongoing Oil Conflict first appeared on [your]NEWS.
Beijing blocks US sanctions against five plants accused of buying crude oil from Tehran and feeding Iranian coffers
The US has sanctioned five Chinese refineries for processing Iranian oil, but Beijing has now instructed companies not to comply.
China defies U.S. sanctions on refiners, putting banks in crosshairs (FXI:NYSEARCA)
China has issued an injunction blocking U.S. sanctions on five domestic oil refiners accused of purchasing Iranian crude, marking a rare escalation in its response to Washington’s enforcement measures.
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