U.S. Sanctions China State Oil Trader for Iran Crude Violation - Bloomberg
▻https://www.bloomberg.com/news/articles/2019-07-23/u-s-sanctions-china-s-state-oil-trader-for-iran-crude-deal
Zhuhai Zhenrong traditionally been a large Iranian oil buyer
• Company ‘knowingly engaged in a significant transaction’: U.S.
The U.S. has sanctioned a Chinese state oil trader for violating restrictions on Iranian crude, an attempt to tighten restrictions on the Islamic Republic and cut off one of its biggest buyers.
Zhuhai Zhenrong Co., the secretive company with links to the Chinese military, has a history of taking Iranian crude and fuel, at times as part of barter deals for goods or services, and then selling it on to refiners in China. The U.S. move comes at a delicate time for relations with Beijing as the two nations attempt to kick-start negotiations aimed at resolving their broader trade conflict.