The US has issued sanctions against one of China’s largest state-backed oil companies for transporting Iranian crude oil as Washington ratchets up the pressure on Tehran.
The Chinese company Zhuhai Zhenrong and its chief executive, Youmin Li, will be barred from engaging in foreign exchange, banking or property transactions under US jurisdiction.
The US has sought to force Iranian oil exports to zero as part of its “maximum pressure” campaign to inflict economic pain on Tehran following America’s withdrawal from the Obama-era nuclear deal last year.
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