China Defies US Sanctions on Companies Trading Iranian Crude Oil
China has instructed its companies to disregard US sanctions targeting five refiners for purchasing Iranian crude oil. Beijing deems the US action a violation of international law, signaling a strong pushback ahead of a presidential summit.
China ordered companies to ignore US sanctions against five oil refiners accused of buying Iranian crude, an unprecedented pushback against American financial measures less than two weeks before a presidential summit. The US action “violates international law and the basic norms of international relations”, China’s Ministry of Commerce said on Saturday. The sanctions cover a refinery in Dalian owned by Shanghai-listed Hengli Petrochemical, along with four independent “teapot” refineries –...