The US is imposing new sanctions against Zhuhai Zhenrong for transporting Iranian crude oil, one of four Chinese firms approved by the state to import oil and is managed by Beijing’s State-owned Assets Supervision and Administration Commission of the State Council, reported the Wall Street Journal.
China, the biggest buyer of Iranian crude oil, was one of eight countries initially granted waivers allowing it to temporarily purchase and consume Iranian oil. But those waivers expired May 2 and haven’t been renewed by the US.
Zhuhai Zhenrong was previously sanctioned under the Obama administration for buying crude oil from Iran, but was delisted in the wake of the 2015 nuclear deal with Iran.