00:23 GMT +320 November 2019
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    This photo taken on May 10, 2011 shows a worker walking by at an oil refinery of China's Sinopec, in Wuhan, central China's Hubei province

    US Sanctions Chinese Oil Trader for Violating Restrictions on Iranian Oil Imports - Pompeo

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    Earlier in the day, it was reported that China used bonded storage at its ports to keep oil there thus bypassing US restrictions on the Iranian oil imports.

    US Secretary of State Mike Pompeo on Monday said that the United States will impose new sanctions on Chinese entity Zhuhai Zhenrong Ltd. and its chief executive Youmin Li for violating US restrictions on the import of Iranian crude oil.

    "As part of that maximum pressure campaign, I am announcing that the United States is imposing sanctions on the Chinese entity Zhuhai Zhenrong and its chief executive Youmin Li," Pompeo said in a speech.

    ​Bloomberg reported earlier that China received over three million tonnes of Iranian crude oil in April before the US’s sanctions exemptions expired on May 2.

    Before the US waivers on Iranian crude purchases were scrapped, China relied on Iran for about 20 percent of its oil imports.

    At the same time, China has reportedly allowed at least two Iranian crude oil tankers to dock at its ports in spite of US efforts to bring Iranian oil exports down “to zero”. 

    Most of the other countries which had enjoyed sanctions waivers, including India, Italy, Japan, South Korea, Greece and Turkey obeyed US sanctions and reduced their oil imports from Iran, either substantially or totally.

    Tags:
    oil imports, China, Iran, sanctions, U.S
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