Beijing vowed to resist US “bullying” after Washington said it would impose sanctions on one of China’s largest state-backed oil traders, punishing it for transporting Iranian crude in defiance of American restrictions.
The Trump administration said late on Monday it was targeting the Chinese company Zhuhai Zhenrong as part of its “maximum pressure” campaign against Iran by sanctioning the business for a “significant transaction” in Iranian crude.
Zhuhai Zhenrong — which was set up 25 years ago as the then-sole importer of Iranian crude to China — will be barred from engaging in foreign exchange, banking or property transactions under US jurisdiction, as will its chief executive, Youmin Li.
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