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China stopped purchasing Iranian oil to avoid sanctions

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China stopped purchasing Iranian oil to avoid sanctions
May 28
13:00 2019

The Wall Street Journal reports that because of fears to fall under US sanctions, the PRC has stopped buying oil from Iran. Such information was provided by the source of the newspaper, covering the news on the Iranian oil industry.

After the States withdrew from the program on the Iranian atom, the sanctions against Iran again came into force. The US authorities have indicated that they want to ensure that export of Iranian oil go down to zero. At the same time, every state that tries to buy Iranian oil may be under severe sanctions.

Temporary exemptions were in force for several countries. During that period they could buy fuel from Iran. The postponement was given in order to find new suppliers. The exceptions ceased on May 2. The United States did not want to extend the postponement, so oil purchases stopped at the appointed time.

Iranian businessmen still hope that China will begin to buy fuel again. The WSJ has learned that private suppliers are negotiating with some Chinese refineries. Anyway, transactions can be renewed only if the Iranian and Chinese authorities agree.

The Chinese Foreign Ministry has already expressed dissatisfaction with America’s actions, noting that the United States imposed unilateral sanctions against Iran and third countries. However, oil trade was carried out on the basis of international laws.


The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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