US EditionChina Blocks US Sanctions on Five Petrochemical Firms
The ministry invoked China’s blocking rules for the first time, exposing banks and other firms to lawsuits if they comply with the U.S. sanctions.
- 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.
125 Articles
125 Articles
China invokes rules to blunt US sanctions on ‘teapot’ refiners
China has invoked a five-year-old legal instrument for the first time to block the enforcement of United States sanctions on five mainland “teapot” oil refiners, including the newly sanctioned Hengli Petrochemical (Dalian) Refinery, which was accused of buying Iranian crude despite US restrictions. Citing the Rules on Counteracting Unjustified Extraterritorial Application of Foreign Legislation and […] The post China invokes rules to blunt US sa…
For the first time, Beijing is reacting harshly to the sanctions imposed on five Chinese oil companies in the Iran business. The order comes two weeks before Trump's planned visit.
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.
China Orders Refiners to Ignore U.S. Sanctions on Key Iranian Oil Buyers
In a major escalation of trade tensions between Washington and Beijing, China's Ministry of Commerce (MOFCOM) has formally invoked its 2021 Blocking Rules for the first time to counteract U.S. sanctions against five Chinese oil refineries. Beijing has issued a prohibition order instructing all entities operating in China to disregard and not implement U.S. sanctions placed on five targeted refiners. The order comes weeks before a planned meetin…
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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.
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