US Sanctions Chinese State Oil Company For Importing Iranian Oil

Legal Insurrection ^ | July 23, 2019 | Vijeta Uniyal

[detective]

The United State has imposed sanctions on a leading Chinese state-owned company for importing Iranian oil. The sanctions placed by the U.S. State Department bar Zhuhai Zhenrong Corporation, one of China’s largest state-run oil companies, from “engaging in foreign exchange, banking or property transactions under US jurisdiction,” London-based Financial Times reported.

“As part of that maximum pressure campaign, I am announcing that the United States is imposing sanctions on the Chinese entity Zhuhai Zhenrong and its chief executive Youmin Li,” Secretary of State Pompeo told reporters on Tuesday.

While the U.S. sanctions have deterred almost all foreign buyers in Europe and Asia from trading in Iranian oil, China remains Tehran’s top trading partner and its biggest oil customer. Chinese drilling companies are willing to invest billions in Iranian oil sector. Earlier this year, China’s state-owned energy firm Sinopec offered $3 billion to develop oil fields in the country.

China is hoarding cheap Iranian oil in violation of the sanctions. “Tankers are offloading millions of barrels of Iranian oil into storage tanks at Chinese ports, creating a hoard of crude sitting on the doorstep of the world’s biggest buyer,” the Bloomberg confirmed.

[detective]

The Trump administration has responded to the EU and Chinese measures by called for a global coalition to isolate the Iranian regime. The U.S. is working to build an alliance comprising of European, Asian, Middle Eastern countries to “push back against the world’s largest state sponsor of terror,” Secretary of State Pompeo said recently.

With its own oil exports collapsing, regime’s key source of revenue, Iran has been attacking foreign crude shipments in Persian Gulf waters. By continuing to buy Iranian oil, China is directly financing Tehran’s state-sponsored terrorism and its military adventure on the high seas.

[TigersEye]

They still think Trump is just kidding around.

[DesertRhino]

For good or bad, this was what we did to Japan in 1940. Not saying we shouldn’t have. But this is just another thing a responsible prepper type person might want to take note of.

[Lurker]

“But this is just another thing a responsible prepper type person might want to take note of.”

Duly noted.

L

[PGR88]

Sanctioning 3rd party companies and individuals for legal business done between them and that has no connection to the USA whatsoever, is not only impossible to maintain and enforce, but is only going to engender a lot of ill will.

[ConservativeMind]

Let the “ill will” commence!

[Tai_Chung]

If it is “state owned” then the US should threaten to sanction all “state owned” Chinese companies if their behavior doesn’t change.

[bert]

No......

Iran has captured two tankers, harassed shipping in the straights and mined four tankers. Two Iranian drones have been downed

So, their pitiful actions are the result of being strangled by sanctions

[jdsteel]

This is “yuge”.

I’m surprised it’s not getting a much bigger reaction from the media or from FReepers.

[TigersEye]

I was speaking about the ChiComs.

[TigersEye]

Agreed.