US sanctions Chinese firm for buying Iranian oil

The U.S. on Monday announced it would sanction a Chinese firm that allegedly bought Iranian oil despite U.S. sanctions. 

Chinese oil importer Zhuhai Zhenrong Company Limited will face the sanctions after “the purchase or acquisition of crude oil from Iran,” the State Department said in a statement.

{mosads}Among measures aimed at Zhuhai Zhenrong, the U.S. also barred executive Youmin Li from entering the U.S. Li and the company was added to the List of Specially Designated Nationals and Blocked Persons.

The State Department said that the action “underscores our commitment to enforcement and to holding the Iranian regime accountable.”

“The United States will continue to deny funding to this regime, which uses its wealth and tremendous resources to enrich itself, deprive the Iranian people of opportunity, and fuel its destructive foreign policy,” it said in the statement.

China, however, has pushed back on the U.S. action with Foreign Ministry spokeswoman Hua Chunying saying that the country is opposed to the sanctions, according to Reuters. 

“We urge the U.S. to correct this wrongdoing and stop its illegal sanctions on companies and individuals,” she told reporters, adding, “The U.S. has neglected the legitimate rights of all countries and randomly applies sanctions, this is in violation of international law.” 

The move comes amid a trade war between the world’s two largest economies.

President Trump has imposed tariffs on $250 billion worth of Chinese products and China has put its own retaliatory tariffs on U.S. goods.