China urges businesses to ignore U.S. sanctions — Bloomberg
Chinese authorities have advised their companies to ignore U.S. restrictions targeting five refineries involved in transactions involving Iranian oil.
This is reported by Bloomberg.
The publication notes that Beijing’s decision is a move aimed at mitigating the impact of U.S. restrictions.
As is known, last month the U.S. imposed sanctions against the oil refiner Hengli Petrochemical (Dalian) Refinery Co., as well as several other private refining companies. The restrictions led to asset freezes and transaction bans.
Today, China’s Ministry of Commerce stated that the U.S. measures unlawfully restrict normal trade with third countries and violate international norms.
Against this backdrop, the ministry issued a decree prohibiting the recognition, enforcement, and implementation of sanctions imposed by the U.S. against the five companies.
“China has ordered companies in the country not to comply with U.S. sanctions against five Chinese refineries involved in the trade of Iranian oil,” the ministry said in a statement.
As a reminder, China has seen a record increase in solar panel exports amid the U.S.-Iran conflict.
As a reminder, global oil prices fell on Wednesday after several days of growth. Investors are assessing the consequences of the United Arab Emirates’ unexpected decision to leave OPEC, against which risks of supply disruptions due to the war with Iran persist.
U.S. President Donald Trump, along with his national security team, has reacted cautiously to Iran’s new peace initiative, which calls for the partial reopening of the Strait of Hormuz and the postponement of discussions on Tehran’s nuclear program.
