US Sanctions Major Chinese Refinery for Buying Oil from Iran

The United States has imposed sanctions on a major Chinese oil refinery for allegedly buying millions of dollars worth of oil from Iran.

The US Treasury Department has claimed that China’s Hengli Petrochemical Refinery has been a major buyer of Iran and has provided significant financial support to the Iranian military.

The United States has also imposed sanctions on about 40 shipping companies and ships accused of being part of Iran’s secret oil network.

On the other hand, China has rejected this move, saying that the US is using trade as a political weapon and targeting Chinese companies.

According to an Al Jazeera report, China obtains most of its needs from the Middle East and was the buyer of more than 80 percent of Iran’s oil exports last year.

Meanwhile, the United States has been blockading Iranian ports since April 13 in an attempt to limit Iran’s oil revenues.