U.S. warns banks of sanctions risk over China ‘teapot’ refineries handling Iranian oil
The U.S. has issued a warning to banks regarding the risks of sanctions related to Chinese 'teapot' refineries that handle Iranian oil. These operations often involve complex shipping methods to disguise the origins of the oil, including blending it with other supplies and using forged documents. This warning comes ahead of a planned visit by President Trump to Beijing, where trade discussions are anticipated.
- ▪The U.S. Treasury warned banks about sanctions risks involving Chinese refineries handling Iranian oil.
- ▪Shipments often involve ship-to-ship transfers and the use of scrapped vessels to obscure oil origins.
- ▪Chinese officials have expressed opposition to U.S. sanctions during recent diplomatic meetings.
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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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