China blocks US sanctions on five companies over alleged Iran oil trade
( May 4, 2026, 06:54 GMT | Official Statement) -- MLex Summary: China's Ministry of Commerce on Saturday blocked US sanctions targeting five Chinese petrochemical firms over alleged Iranian oil transactions, ordering domestic entities not to recognize or comply with Washington's asset freezes and transaction bans. The sanctions on companies including Hengli Petrochemical and Shandong Shouguang Luqing Petrochemical improperly restrict normal business activities with third countries and violate international law, the ministry said in a statement. Beijing said the blocking order implements its law against improper extraterritorial application of foreign measures and doesn't affect China's international obligations.Statement follows....
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