The United States government on Wednesday imposed new sanctions against Iranian oil companies and the network of firms that help facilitate the flow of Iranian crude to markets in East Asia, specifically China.
Every year, millions of barrels of oil are effectively laundered via third-party countries, including the United Arab Emirates, Oman, and Malaysia, to circumvent U.S. sanctions. Most of that crude ends up in northeastern China’s Shandong province, where it’s offloaded by independent refineries known as “teapots.”
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