China 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.
138 Articles
138 Articles
In an unprecedented challenge, China intensified its dispute with the United States over Iran's oil by ordering Iran's companies to ignore US sanctions, according to Bloomberg and the Wall Street Journal. The measure increases the tension between the two largest economies in the world and threatens to put a vast banking sector in the middle of the crossfire, on the eve of a meeting between Presidents Donald Trump and Xi Jinping, scheduled for Ma…
To date, Beijing has always pretended to adhere to Western sanctions against other countries, at least to the outside world. However, this is now the end. The communist leadership has now ordered that the US sanctions against Iran be ignored. To date, the principle in Beijing has always been that economic self-interests (even business with the United States) have priority over geopolitical interests. When Washington (and Brussels) once again spr…
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.
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