Beijing has imposed an unprecedented ban on compliance with U.S. sanctions against five Chinese refineries accused by Washington of trading Iranian oil. Chinese authorities called the restrictions illegal and promised to protect their companies from their consequences.
According to Bloomberg, this is a tough step aimed at mitigating the impact of sanctions.
As a result of the sanctions, refining companies, including Hengli Petrochemical (Dalian) Refinery Co., which was sanctioned last month, and several other private refining companies, faced asset freezes and transaction bans.
On Saturday, May 2, the Chinese Ministry of Commerce issued a statement saying that U.S. measures "illegally restrict normal trade with third countries and violate international norms." In an unprecedented move, the ministry issued an order "prohibiting the recognition, enforcement, and implementation of sanctions against five companies."
"The Chinese government consistently opposes unilateral sanctions not authorized by the United Nations and lacking a basis in international law," the statement from the ministry said.
China's decision demonstrates its readiness to openly confront U.S. unilateral sanctions and protect its own economic interests, bb.lv reports. This could escalate tensions between the two countries and complicate Washington's efforts to limit Iranian oil exports through Chinese channels.
