China Has Banned Its Companies From Complying With U.S. Sanctions Against Refineries

Beijing has said they are "illegal".

The Chinese government has ordered companies operating in the country not to comply with U.S. sanctions imposed on five domestic refiners allegedly linked to the Iranian oil trade. The move by Beijing is aimed at mitigating the effects of U.S. restrictive measures, writes Bloomberg.

Five private refiners have been hit by U.S. sanctions, including Hengli Petrochemical (Dalian) Refinery Co. It is one of China's largest independent refineries, commissioned in 2019 with a capacity of about 20 million tons of crude oil per year. Under the U.S. measures, these companies faced:

an asset freeze;

a ban on transactions with U.S. counterparties;

actual disconnection from dollar settlements.

China's Ministry of Commerce in a statement Saturday called the U.S. sanctions illegal and contrary to international norms. The ministry issued an official order explicitly prohibiting recognition, enforcement and compliance with the sanctions.

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