U.S. sanctions Chinese oil buyer over alleged Iran violations

U.S. sanctions Chinese oil buyer over alleged Iran violations

U.S. sanctions Chinese oil buyer over alleged Iran violations

Written by Staff Writer

23 Jul, 2019 | 2:44 pm

Reuters: The United States has sanctioned the China’s state-run energy company Zhuhai Zhengrong Co Ltd for allegedly violating restrictions imposed on Iran’s oil sector, U.S. Secretary of State Mike Pompeo said in a speech on Monday (July 22).

“They violated U.S. law by accepting crude oil. We’ve said all along that any sanction will indeed be enforced. We can’t tolerate more money going to the ayatollah, putting American soldiers, sailors, airmen and Marines and putting their life at risk. It’s too important,” Pompeo said in remarks in Florida.

The move comes amid increased tensions between Iran and the West as well as between the United States and China, which have restarted major trade talks.

Republican U.S. President Donald Trump’s administration has stepped up its sanctions against Iran after breaking from the nuclear pact brokered between Tehran and other Western nations under the previous Democratic administration of U.S. President Barack Obama.

Zhuhai Zhengrong, which specializes mainly in buying Iranian oil and is based in Beijing, was previously sanctioned in 2012 by the Obama administration over its dealings with Iran.

The company is now a subsidiary of Macau-based, state-controlled conglomerate Nam Kwong Group.

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