“Neither recognize nor comply”: China has banned the implementation of U.S. sanctions
3 May 05:17
China has banned the enforcement of U.S. sanctions against five of its petrochemical companies. The relevant order was issued by the Ministry of Commerce of the People’s Republic of China, according to "Komersant Ukrainian".
Beijing stated that unilateral restrictions have no basis in international law and pledged to protect the interests of domestic businesses.
The Chinese Ministry of Commerce issued an order prohibiting the recognition and enforcement of U.S. sanctions against five Chinese petrochemical companies that Washington accuses of trading oil with Iran.
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The list includes Hengli Petrochemical (Dalian), Shandong Jincheng Petrochemical Group, Hebei Xinhai Chemical Group, Shouguang Luqing Petrochemical, and Shandong Shengxing Chemical. The U.S. added these entities to its sanctions list, freezing their assets and restricting financial transactions.
“The Chinese government has consistently opposed unilateral sanctions that lack a UN mandate and have no basis in international law. In this regard, the Ministry of Commerce has issued an order instructing that the United States’ sanctions measures against the aforementioned five Chinese companies not be recognized, implemented, or complied with,” the document states.
The Chinese ministry emphasized that the U.S. actions unreasonably restrict normal commercial activities and contradict the basic principles of international relations.
The PRC’s decision is based on a national mechanism to counter the extraterritorial application of foreign laws.
Earlier this week, China called on the U.S. to abandon unilateral restrictions and cease the practice of imposing them.
“China strongly urges the U.S. side to stop abusing restrictions and its ‘long arm,’” said Chinese Foreign Ministry spokesperson Gao Jiaqun on April 27.
According to him, Beijing intends to protect the legitimate rights and interests of domestic companies.
Iranian Oil
In late April, the U.S. Department of the Treasury imposed sanctions on the Hengli oil refinery for purchasing Iranian oil. The department noted that the company is one of the largest buyers of Iranian crude and petroleum products. According to U.S. data, since 2023, vessels of the so-called shadow fleet, which are subject to sanctions, have supplied the company with over 5 million barrels of Iranian oil.
China imported at least 11 million barrels of crude oil from Iran after the start of the U.S. military operation, CNBC reported in early March. China has banned the enforcement of U.S. sanctions
Supplies were transported through the Strait of Hormuz, which was closed to other tankers.
Meanwhile, U.S. Treasury Secretary Scott Bessent plans to raise the issue of reducing purchases of Russian and Iranian oil during negotiations with China, The Wall Street Journal reported. According to the Financial Times, Beijing may lose access to cheap Iranian oil, which could lead to an increase in supplies from Russia. As previously reported by Bloomberg, Chinese companies—both state-owned giants and small private refineries—continue to refuse to purchase Russian oil amid U.S. sanctions pressure.
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