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US slaps sanctions on Chinese firm for importing Iranian oil

The US sanctions are part of the Trump administration's effort to increase pressure on [Getty]

Date of publication: 22 July, 2019

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The US is penalising the Chinese company Zhuhai Zhenrong and its top executive for violating Washington restrictions on dealing with Iran.

The Trump administration is penalising a Chinese company and its top executive for violating US restrictions on dealing with Iran.

Secretary of State Mike Pompeo says the US is imposing sanctions on Zhuhai Zhenrong (ZHOO-hi ZHEN-wrong) Limited and its chief executive for violating restrictions on Iran's oil industry.

Pompeo announced the measures on Monday in a speech in Orlando to the Veterans of Foreign Wars (VFW).

The US sanctions are part of the Trump administration's effort to increase pressure on Iran by starving its economy. Oil exports are Iran's largest source of foreign income and the US campaign has raised tensions between the two countries.

China has continued to import Iranian oil but other countries have stopped out of fear of US penalties.

US President Donald Trump withdrew from the deal between Iran and six world powers in May 2018 and has since reimposed sanctions on many sectors including the crucial oil and financial industries.

Iran demanded the other parties - France, Germany, Britain, China and Russia - take steps to guarantee the economic benefits Iran was promised for the drastic limitations imposed on its nuclear program.

Trump warned last week that sanctions against Iran would be "increased substantially" after Tehran surpassed the enrichment cap in the 2015 deal.

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