US Sanctions China-Based Operator Over Iran Oil Trade

The US State Department has enacted sanctions against Qingdao Haiye Oil Terminal, a company located in China, for reportedly importing millions of barrels of Iranian crude oil that are under sanctions. Additional sanctions have been placed on Li Xinchun, a Chinese citizen and president of the oil terminal, a vessel management firm based in Hong Kong, and a commercial manager from Britain. As a result of these sanctions, all assets held in the US by the affected entities are frozen, and American individuals are barred from engaging in business with them. The State Department emphasized that the US is committed to disrupting Iran's illegal oil operations, which support terrorism and contribute to instability in the region, and will hold Iran and its partners accountable for evading sanctions.