U.S. Secretary of States Steven Mnuchin has confirmed that the United States is working closely with China to have them cut off all imports of Iranian crude oil. The announcement comes as the nation steps us sanctions against the Iranian regime.
Despite recent U.S. crackdown on Chinese tanker companies dealing with Iranian oil, China continues to import oil from the Middle Eastern country, though in smaller quantities.
While the U.S. has successfully cut off more than 95 percent of Iran’s oil revenues, China continues to be a massive buyer of Iran’s remaining oil exports.
“They’ve cut off all of the state companies from buying oil, and we’re working closely with them to make sure that they cease all additional oil activities,” Mnuchin stated in regards to China’s crude oil purchases.
The United States will continue to target countries and companies alike who continue to import oil from Iran. Mnuchin added that anyone who continues to buy oil from Iran, whether they are Chinese or European, will face secondary sanctions.
In September 2019, the United States imposed a number of sanctions on Chinese tank firms and executives for transporting Iranian oil and violating the U.S. sanctions.
Mnuchin claims that Europe is complying, as European firms know that they will be handed secondary sanctions if they do not.
The Secretary of Treasury’s reminder comes after recent flare-ups in the Middle East, and expanded sanctions to Iran that include individuals and metals and construction companies.