US slaps sanctions on Chinese refinery for buying Iranian crude oil worth over USD 1 bn

Washington, DC [US], April 16 : The US imposed sanctions on Wednesday on Shandong Shengxing Chemical Co., Ltd, a Chinese refinery, for buying over USD 1 billion worth of Iranian crude oil.

This move is part of the US effort to halt Iran's illicit oil exports, particularly to China. The sanctions also target companies and vessels involved in shipping Iranian oil to China.

According to the US State Department, "the United States is today sanctioning Shandong Shengxing Chemical Co, Ltd, a China-based independent 'teapot' refinery, for purchasing more than a billion dollars' worth of Iranian crude oil."

"The President is committed to driving Iran's illicit oil exports, including to China, to zero. The United States is also imposing sanctions on several companies and vessels involved in facilitating Iranian oil shipments to China as part of Iran's 'shadow' fleet," it added.

This is the United States' second action against an independent China-based teapot refinery since President Donald Trump issued National Security Presidential Memorandum 2 on February 4.

Further, the statement noted that all sanctions will be fully enforced under the Trump Administration's maximum-pressure campaign on Iran.

As long as Iran attempts to generate oil revenues to fund its destabilising activities, the United States will hold both Iran and all its partners in sanctions evasion accountable, the US State Department said.

The US earlier enacted restrictions on the export of Nvidia's H20 chips to China, tightening its control over the trade of advanced AI technology with Beijing as part of Washington's strategy to exert pressure on China amid an ongoing tariff dispute, Radio Free Asia (RFA) reported.

Nvidia, a prominent player in AI chip development worldwide, said on Tuesday that the US government informed them on April 9 that exporting its H20 chips to China would now necessitate government permission.

The company also stated that this restriction would be in effect indefinitely.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor