China Orders Refiners to Ignore U.S. Sanctions on Key Iranian Oil Buyers China’s Ministry of Commerce formally invoked its 2021 Blocking Rules for the first time on May 4, ordering all entities in the country to disregard U.S. sanctions on five domestic oil refiners, according to a ministry statement. [1] The directive protects Hengli Petrochemical, Shandong Jincheng Petrochemical, Hebei Xinhai Chemical, Shouguang Luqing Petrochemical and Shandong Shengxing Chemical, which were blacklisted by the U.S. Treasury in April for allegedly generating billions of dollars in revenue for Iran by processing sanctioned Iranian crude. [5] The order comes weeks before a planned…
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