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China blocks US sanctions against five ‘teapot’ refineries
Ministry of Commerce says sanctions against refineries accused of importing Iranian oil violate international law.
China has announced an injunction to block US sanctions placed on five Chinese refiners accused of buying oil from Iran.
The US sanctions announced by the Department of the Treasury late last month bar the refiners from the US financial system and seek to penalise anyone doing business with the firms.
In a statement on Saturday, China’s Ministry of Commerce said the sanctions “improperly” restrict business between Chinese enterprises and third countries “in violation of international law and the basic norms governing international relations”.
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U.S. warns banks of sanctions risk over China ‘teapot’ refineries handling Iranian oil
The U.S. Treasury warned financial institutions Tuesday that they could face sanctions if they engage in dealings with Chinese refineries that process Iranian oil.
The Treasury urged financial institutions in a statement to avoid facilitating transactions involving independent refineries, known as "teapots," that import Iranian oil, as such transactions may expose them to sanctions.
China purchases approximately 90% of Iran's oil exports, the Treasury noted, with teapot refineries accounting for the majority of these imports.
"This revenue ultimately benefits the Iranian regime, its weapons programs, and its military. Some Chinese teapot refineries have used the U.S. financial system to conduct dollar-denominated transactions and procure U.S. goods," the Treasury added.
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