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Bloomberg
The US has sanctioned a Chinese state oil trader for violating restrictions on Iranian crude, an attempt to tighten restrictions on the Islamic Republic and cut off one of its biggest buyers.
Zhuhai Zhenrong Co., the secretive company with links to the Chinese military, has a history of taking Iranian crude and fuel, at times as part of barter deals for goods or services, and then selling it on to refiners in China. The US move comes at a delicate time for relations with Beijing as the two nations attempt to kick-start negotia- tions aimed at resolving their broader trade conflict.
Secretary of State Mich-ael Pompeo announced the decision in a speech, adding that sanctions would also be imposed on the company’s chief executive
officer, Li Youmin.