China Slams Iran Sanctions, Vows to Resist US ‘Bullying’

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.

China’s foreign ministry responded angrily on Tuesday, saying, “We oppose the bullying and sanctions by the US of China’s enterprises and individuals based on US’s domestic laws. We strongly condemn and firmly oppose sanctions on related Chinese companies by the US,” the Financial Times reported.

A ministry spokeswoman said the country would “take every necessary measures to firmly safeguard the legitimate rights and interests of domestic enterprises and individuals”.

Announced by Mike Pompeo, US secretary of state, Washington’s move was the first time it has imposed sanctions on a Chinese entity since it eliminated a waiver in May that had allowed China, a big customer of Tehran, to keep buying Iranian oil.

Pompeo presented the move as a warning, saying “any entity considering evading our sanctions should take notice of this action”.

The US has sought to push Iranian oil exports down to zero as part of its pressure campaign to inflict economic pain on Tehran but has so far failed to do so.

In May, the Trump administration said it would not renew the waivers issued to several countries, including China, that allowed them to continue importing Iranian oil.

China, whose oil companies are among Iran’s biggest customers, slammed the move although it initially reduced its purchases of crude following Washington’s waiver withdrawals.