Iranian oil

Sanctions backlash: Iranian oil in Chinese bonded storage

Sanctions backlash: Iranian oil in Chinese bonded storage

The Trump administration imposed economic sanctions on Chinese state-owned oil trading company for buying Iranian oil in violation of American ban. US Secretary of State, Mike Pompeo said that the company, Zhuhai Zhenrong, and its chief executive, Li Youmin, were violating U.S. restrictions on Iran’s oil sector.