US EditionChina Blocks US Sanctions on Five Petrochemical Firms
- 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.
84 Articles
84 Articles
Beijing Tells China Firms to Ignore US Sanctions on Refiners
(Bloomberg) — China ordered companies in the country not to comply with US sanctions on five domestic refiners linked to the Iranian oil trade, deploying a blocking measure introduced in 2021 that was aimed at protecting its firms from foreign laws it deemed unjustified.
Beijing. The Chinese government warned yesterday Saturday that it will not abide by the sanctions imposed by the United States against five domestic companies accused of buying oil from Iran, a country from which the Asian giant imports much of its crude oil.
Beijing invoked legislation against the extraterritorial application of foreign laws to neutralize, within the country, the effect of US sanctions on five Chinese companies.
Coverage Details
Bias Distribution
- 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
