China and other countries stop importing Iranian oil

Posted 28 May, 2019

Some countries, including China, have reportedly suspended importing Iranian oil unwilling to be added to the sanction list by Washington.

Washington gave up participation under the Iranian atom but now decided to renew sanctions against Tehran. As the American officials commented, these measures are aimed at bringing oil exports from Iran to nothing. At the same time, it was noted that the sanctions will cover all countries that will keep cooperating with Iran in terms of oil supplies.

For reference, some countries (Taiwan, China, India, Turkey, South Korea, Japan) that were allowed to keep importing oil from Iran until this April. Meanwhile, Italy and Greece failed to make use of this delay due to insurance issues.

However, the US Secretary of State announced that the sanction exclusion will be valid till May 2 2019. The above-mentioned countries have stopped buying Iranian oil since then.

One of Iranian official commented that the countries strict followed the requirements, while earlier they used to source 1.6 billion bbl of oil from Iran daily.

At the same time, Iranian businesses still rely on the fact that Bejing will resume purchases. There are reports that some private Iranian suppliers are in talks with small processing plants in China. However, the decision depends on the approval by Tehran and Beijing.

China goes negative on unilateral sanctions imposed by the USA against Iran and other countries citing that energy cooperation with Iran is performed in line with the international rules.

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