economy
U.S. imposes sanctions on Chinese 'teapot' refinery for buying Iranian oil
The Office of Foreign Assets Control said it imposed sanctions on about 40 shipping companies and vessels that operate as part of Iran's shadow fleet.
TL;DR
- The U.S. imposed sanctions on Chinese independent refiner Hengli Petrochemical (Dalian) Refinery for buying Iranian oil.
- Sanctions were also placed on about 40 shipping companies and vessels operating as part of Iran's shadow fleet.
- China opposes unilateral sanctions and has asked the U.S. to stop politicizing trade and abusing sanctions against Chinese companies.
- The U.S. aims to create a financial stranglehold on the Iranian government by targeting oil sales.
- Independent refineries have limited exposure to the U.S. financial system, making them somewhat immune to U.S. sanctions.
- China purchases over 80% of Iran's shipped oil.