Emily Fang
๐ค SpeakerAppearances Over Time
Podcast Appearances
China's Commerce Ministry said for the sake of national security, the U.S.
sanctions would not be enforced.
Before the war, most of Iran's oil ended up at small private refineries in China, ferried there by a so-called shadow fleet of ships, which the U.S.
says, provided Iran's regime with much-needed cash.
sanctions means those oil refineries in China will not be able to use the U.S.
dollar to do business or buy international insurance or dock at Western ports.
But China settles most of its purchases with Iran in Chinese renminbi.
And today's announcement that it will not recognize these American sanctions is a clear signal to ships carrying Iranian oil that the Chinese refiners would still be happy to receive their cargo.
China's Commerce Ministry said for the sake of national security, the U.S.
sanctions would not be enforced.
Before the war, most of Iran's oil ended up at small private refineries in China, ferried there by a so-called shadow fleet of ships, which the U.S.
says, provided Iran's regime with much needed cash.