Trump Administration Targets Chinese Refiners with New Sanctions

The Trump administration imposed sanctions on a third Chinese independent oil refinery and port terminal operators over Iranian oil purchases. The move aims to pressure Iran by cutting off its export revenues, deterring other refiners from buying Iranian crude due to past sanctions' effects.

The U.S. government, under the Trump administration, has expanded its sanctions regime by targeting a third Chinese independent, or teapot, oil refinery. The sanctions are specifically focused on the Hebei Xinhai Chemical Group Co and three Chinese port terminal operators engaged in purchasing Iranian oil, as revealed by the U.S. Treasury.

This strategic decision forms part of a broader campaign to weaken Iran's export revenue stream and exert diplomatic pressure on Tehran to negotiate a nuclear deal. "The United States will hold Iran and its sanctions-evading partners accountable," declared the U.S. Treasury, underscoring the administration's determined stance.

The imposition of these restrictive measures on Chinese refiners, following previous sanctions on two smaller refiners, has not only disrupted their crude procurement but has also instilled apprehensions among larger independent Chinese refiners about purchasing Iranian oil, informed sources indicated.

(With inputs from agencies.)