US Government Sanctions Chinese Entities Engaged in Iranian Oil Trade

The U.S. government is unveiling a new suite of sanctions targeting Chinese entities engaged in the distribution of Iranian oil. In a statement shared with The Epoch Times on May 8, the Treasury Department announced that it is blacklisting four entities in China for “their role in purchasing or facilitating the delivery of hundreds of millions of dollars’ worth of Iranian oil.” The sanctions target three port terminal operators and a “teapot refinery” in Shandong Province. Teapot refineries are small oil refineries in China that operate alongside larger state-owned enterprises. They have gained prominence for their ability to process crude oil and export refined products while circumventing international regulations and sanctions that affect larger companies....