The US has issued sanctions against one of China’s largest state-backed oil companies for transporting Iranian crude oil as Washington ratchets up the pressure on Tehran.
The Chinese company Zhuhai Zhenrong and its chief executive, Youmin Li, will be barred from engaging in foreign exchange, banking or property transactions under US jurisdiction.
Zhuhai Zhenrong has strong links to Iran, having been established 25 years ago as the then-sole importer of Iranian crude into the China.
Unlike other Chinese state-backed oil dealers, however, Zhuhai Zhenrong has little overseas exposure, likely insulating it from the most damaging effect of US sanctions. The company was already slapped with US sanctions for supplying gasoline to Iran in 2012.