US imposes sanctions on Chinese company for buying Iran oil

The United States government has imposed sanctions on a Chinese company and its CEO for ‘knowingly purchasing or acquiring oil from Iran, contrary to U.S. sanctions,’ US Secretary of State Mike Pompeo announced on 22 July, saying that the action is part of its ‘maximum economic pressure campaign against the Iranian regime.’

Pompeo said: ‘Any entity considering evading our sanctions should take notice of this action today. It underscores our commitment to enforcement and to holding the Iranian regime accountable. The United States will continue to deny funding to this regime, which uses its wealth and tremendous resources to enrich itself, deprive the Iranian people of opportunity, and fuel its destructive foreign policy. All entities must do their diligence and stay well clear of sanctioned Iranian entities and sectors. No company or nation should be willing to expose itself to the possibility of supporting Iran’s Islamic Revolutionary Guard Corps or the regime’s regional proxies.’

The company designated is Zhuhai Zhenrong Company, the assets of which are now blocked. OFAC has added corporate officer Youmin Li to its SDN list, imposing ‘several restrictions and a ban on entry into the United States.’