“Iran is trying to get back 25 million barrels of oil that have been blocked in Chinese ports for six years due to sanctions imposed by then-US President Donald Trump. This is reported by the Reuters agency. Trump is expected to return to power on January 20, and analysts predict he will reimpose sanctions on Iranian oil exports to limit Tehran’s revenues, as he did during his first term as president. China, which says it does not recognize unilateral sanctions, has bought about 90 percent of Iran’s oil at deep discounts in recent years, saving Chinese refiners billions of dollars.Advertisement: But blocking that oil, which is worth $1.75 billion at current prices , highlights the difficulties Iran faces even in the Chinese market. China’s Foreign Ministry, responding to questions about the blocked oil, said cooperation with Iran was legal, but refrained from further comment. Despite heavy Western sanctions, Iran has built a global shadow network for the oil trade, using a fleet of tankers to hide its activities. Most of the Iranian oil sold to China is rebranded as non-Iranian in transit to Chinese ports.Advertisement: The blocked oil, however, was documented as Iranian when the National Iranian Oil Company (NIOC) delivered it to Chinese ports around October 2018. using exemptions granted by the Trump administration, two of the four sources familiar with the shipments said.”, — write: epravda.com.ua
Iran is trying to get back 25 million barrels of oil that have been blocked in Chinese ports for six years due to sanctions imposed by then-US President Donald Trump. This is reported by the Reuters agency. Trump is expected to return to power on January 20, and analysts predict he will reimpose sanctions on Iranian oil exports to limit Tehran’s revenues, as he did during his first term as president. China, which says it does not recognize unilateral sanctions, has bought about 90 percent of Iran’s oil at deep discounts in recent years, saving Chinese refiners billions of dollars.Advertisement: But blocking that oil, which is worth $1.75 billion at current prices , highlights the difficulties Iran faces even in the Chinese market. China’s Foreign Ministry, responding to questions about the blocked oil, said cooperation with Iran was legal, but refrained from further comment. Despite heavy Western sanctions, Iran has built a global shadow network for the oil trade, using a fleet of tankers to hide its activities. Most of the Iranian oil sold to China is rebranded as non-Iranian in transit to Chinese ports.Advertisement: The blocked oil, however, was documented as Iranian when the National Iranian Oil Company (NIOC) delivered it to Chinese ports around October 2018. using exemptions granted by the Trump administration, two of the four sources familiar with the shipments said.