China: US sanctions against Iran a threat to the stability of the oil market

Oil
File Reuters

UNITED STATES (VOP TODAY NEWS) — US sanctions on the purchase of Iranian oil will inevitably lead to increased volatility in the international energy market, a spokesman for the PRC Ministry of Commerce Gao Feng said on Thursday.

“Iran is an important global oil producer. Exporting Iranian oil is important for ensuring stability in the international energy market. US sanctions on Iranian oil will inevitably increase volatility in the international energy market,” Gao Feng said at a press briefing.

Responding to a question about the likelihood of suspension of the purchase of Iranian oil due to US sanctions, a representative of the Chinese Trade Ministry said that China’s trade and economic cooperation with Iran, including in the energy sector, is carried out under international law and is absolutely legitimate.

“China will continue to defend the legitimate interests of its companies with all its might,” Gao Feng said, stressing that China opposes unilateral US sanctions against Iran.

The United States last year unilaterally withdrew from a deal with Iran on a nuclear program and reintroduced sanctions against Tehran, including secondary ones, that is, against other countries doing business with Iran. At the same time, China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey were exempted until May 2, 2019, that is, the States pledged not to impose sanctions on them for purchasing certain amounts of Iranian oil. However, the White House did not extend these exceptions, hoping that thanks to this decision, the export of Iranian oil will be reduced to zero.

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