All articles tagged with #iranian oil
The US has imposed sanctions on an Iranian oil terminal in Shandong, China, which handles a significant portion of Sinopec's crude imports, complicating China's oil trade and prompting potential rerouting of shipments to alternative ports.
China is the largest buyer of Iranian oil, accounting for about 13.6% of Iran's exports, mainly purchased by independent Chinese refiners known as teapots. Despite U.S. sanctions, China continues to buy Iranian oil at a discount, though recent restrictions and sanctions have slightly reduced its imports. Beijing maintains that its trade with Iran is legitimate and often labels Iranian oil as originating from other countries to bypass sanctions.
The U.S. Justice Department has announced the first-ever criminal resolution involving the illicit sale and transport of Iranian oil in violation of U.S. sanctions. Suez Rajan Limited pleaded guilty to conspiring to violate sanctions and was sentenced to three years of corporate probation and a fine of nearly $2.5 million. The operating company of the vessel carrying the contraband cargo, Empire Navigation, agreed to cooperate and transport the Iranian oil to the United States. The oil is now subject to a civil forfeiture action, with the U.S. alleging that it is connected to terrorism and money laundering. The funds forfeited may be directed to the U.S. Victims of State Sponsored Terrorism Fund.
A cargo of Iranian crude oil, seized by the United States, has finally begun unloading after waiting for two-and-a-half months off the coast of Texas. The tanker, Suez Rajan, had been unable to unload due to concerns that any vessel taking the oil would be shunned by customers. The crude oil is now being transferred to another tanker, MR Euphrates, through a ship-to-ship transfer. Iran has threatened retaliation against any company involved in unloading the seized oil, while U.S. lawmakers have urged President Joe Biden to resolve the delay. The U.S. seizures of Iranian oil contribute to a fund compensating victims of state-sponsored terrorism.
Gal Luft, the head of a US think tank, has been charged with acting as a Chinese agent and attempting to broker arms sales and the sale of Iranian oil. He allegedly recruited an ex-US official to publicly support Chinese policies and attempted to sell weapons to customers in China, Libya, the UAE, and Kenya. Luft is considered a fugitive and faces charges including failing to register as a foreign agent, evading oil sanctions, making false statements, and illicit arms trafficking.