US sanctions another Chinese terminal over Iranian oil trade
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The US sanctions Zhoushan Jinrun Petroleum for receiving Iranian oil, part of a broader effort by the US to unilaterally curb Tehran’s crude exports.
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An oil refinery in Asalouyeh Seaport, Iran, undated. (Saeid Arabzadeh/AFP/Getty Images)
The United States has imposed sanctions on a fourth Chinese oil terminal as part of its broader campaign to impose unilateral sanctions on Iran’s energy trade. On Thursday, Bloomberg reported that the latest action targets Zhoushan Jinrun Petroleum Transfer Co., which operates a facility in Zhoushan, home to some of China’s largest refineries.
The US sanctions on the Chinese oil terminal are part of a new wave of penalties announced on Wednesday by the US State Department, which listed 20 sanctioned entities tied to the Iranian oil trade.
Zhoushan Jinrun was sanctioned for receiving at least six shipments of Iranian crude, according to US officials. The company’s Zhoushan terminal has a storage capacity of 1.095 million cubic meters, roughly 6.9 million barrels, making it a strategic asset in China’s energy infrastructure.
US sanctions 115+ Iranian entities aiming to cut oil revenues
On a similar note, the Trump administration unveiled on Wednesday its largest sanctions package since reimposing Iran sanctions in 2018.
The Treasury Department’s action sanctions over 115 Iran-linked individuals, vessels, and entities across 17 jurisdictions, including shipping firms, front companies, and tankers. The sanctions reportedly aim to limit Iran's oil revenues without triggering disruptions in global energy markets.
Read next: FT: Why oil sanctions are no longer effective
In recent years, Washington has blacklisted tankers, shipping networks, and individuals allegedly involved in circumventing sanctions to support Iranian oil sales.
In this move, the US sanctioned 20 companies and entities connected to what it describes as a "shadow network of crude transfers" that continue to fund Iran’s foreign activities.
Despite no official Iranian oil imports by China since June 2022, third-party data suggests Iran continues supplying crude to China, often relabeled as Malaysian, according to Bloomberg. Additionally, flexible, smaller "teapot" refineries play a key role in these covert transactions.
