The Chinese government made it clear yesterday (2/5) Saturday (Saturday) that it will not comply with the sanctions imposed by the US on five Chinese companies.
The companies are accused of buying Iranian crude at a time when China is a key importer.
In recent months, Washington has been ratcheting up the pressure to curb Tehran’s revenues. And the sanctions have focused mainly on Chinese refiners securing oil at low prices.
China’s Ministry of Commerce has issued an order to that effect. It stresses that the US measures “shall not be recognized, implemented or complied with“.
The same statement stresses that the sanctions “prohibit or restrict in an inappropriate manner the economic, trade and related activities of Chinese companies with third countries (…) and violate international law and the fundamental rules governing international relations“.
Meanwhile, Beijing insists on its position: “The Chinese government always opposes unilateral sanctions which lack UN approval and any basis in international law.”
The directive applies to companies from different parts of the country. Specifically, three based in Shandong (Shandong Jincheng Petrochemical Group, Shandong Shouguang Luqing Petrochemical, Shandong Shengxing Chemical), one in Dalian (Hengli Petrochemical) and one in Hebei (Xinhai Chemical Group).
On Friday (1/5), the US announced new sanctions. This time another Chinese company was targeted. They accused it of importing “tens of millions of barrels” of Iranian oil, boosting Tehran’s revenues by billions of dollars.
The company Qingdao Haiye Oil Terminal Co., Ltd.was not included in the Chinese announcement.
The developments come at a time of tension. US-Iran contacts remain deadlocked. The goal is to end the war that began with the US-Israeli bombing on February 28.
At the same time, new diplomatic activity is expected. Donald Trump plans a trip to China later this month, where he will meet with Xi Jinping.
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