China blocks US sanctions against five ‘teapot’ refineries
Summary
China has blocked US sanctions on five Chinese oil refineries accused of buying Iranian oil. China’s government said the US actions violate international law and will not be enforced in China.Key Facts
- The US Treasury sanctioned five Chinese refineries for buying oil from Iran.
- These sanctions bar the companies from using the US financial system.
- China’s Ministry of Commerce issued an order rejecting the US sanctions.
- China says the sanctions violate international law and harm its national interests.
- The refineries affected are called “teapot” refineries and are smaller than state-owned ones.
- China buys over half of its oil from the Middle East, with much oil coming from Iran.
- “Teapot” refineries rely on discounted oil from sanctioned countries like Iran, Russia, and Venezuela.
- US sanctions make it harder for these refineries to sell their products with correct origin labels.
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