U.S. warns banks of sanctions risk over China ‘teapot’ refineries handling Iranian oil
The alert said China purchases approximately 90% of Iran's oil exports, with teapot refineries accounting for the majority of these imports.
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Many shipments involve multiple ship-to-ship transfers, sometimes using scrapped vessels that are no longer in operation, often in the Persian Gulf or the Strait of Malacca, to obscure their origins.In some cases, Iranian oil is blended with supplies from other countries or relabeled with forged documents to further disguise its origins, most commonly known as 'Malaysian blend,'" the Treasury said.The warning comes less than a month before a planned visit by Trump to Beijing, where trade and investment are expected to be discussed.Last week, during a meeting with Iranian Foreign Minister Abbas Araqchi, China's Foreign Minister Wang Yi said that Beijing opposed the "abuse of force and illegal unilateral sanctions."Washington and Tehran are currently observing an indefinite ceasefire…
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