[53468] American pressure on China: Beijing limits loans to refineries associated with Iranian oil
[53468] American pressure on China: Beijing limits loans to refineries associated with Iranian oil
Conflicting reports indicate that China has begun imposing financial restrictions on refineries involved in Iranian oil trade, while officials in Beijing state they do not recognize American sanctions.
American pressure on China: Beijing limits loans to refineries associated with Iranian oil
According to reports from Iran International and Epoch Times Persian, relying on information from Bloomberg, the financial regulator in China has ordered the country's major banks to temporarily suspend issuing new loans to five refineries. The step follows sanctions imposed by the United States on these entities due to their ties to the Iranian oil industry.
According to Iran International, which is associated with critical views toward the regime in Iran, the directive was given verbally and includes, among others, the company "Hengli Petrochemical." Epoch Times Persian, a news outlet with a line that highlights the activity of the Chinese Communist Party, adds that the U.S. Department of the Treasury imposed sanctions on the company for purchasing billions of dollars of Iranian oil at a significant discount.
Contrary to reports of financial restrictions, the channel Breaking News | Immediate US War News presents a different picture and emphasizes the continued operation of private refineries in China, known as "teapot refineries." The channel, which focuses on reports of geopolitical conflicts, notes that refineries such as "Shandong Jincheng" and "Shouguang Luqing" continue to purchase Iranian crude oil.
Furthermore, the channel highlights that China's Ministry of Commerce has officially stated that it "does not recognize" American sanctions and does not intend to enforce them. The state of affairs indicates the complexity of the relations between Beijing and Washington, in which the banks' attempts at financial reconciliation clash with the Chinese government's strategic policy to continue energy purchases from Iran.