The US has previously warned banks against dealing with firms allegedly involved in Iran’s oil trade
China’s Ministry of Commerce has instructed domestic companies not to comply with US sanctions targeting refiners allegedly linked to the Iranian oil trade.
Late last month, the US Treasury warned banks against dealing with so-called “teapot” privately owned refineries, which it said account for the majority of the oil China buys from Iran. “This revenue ultimately benefits the Iranian regime, its weapons programs, and its military,” the Treasury said in its notice.
China’s government and major state-owned companies deny direct purchases of…
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