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China still biggest buyer of Iran oil

In spite of US threats on imposing sanctions against any country which continues its trade exchanges with Iran, Experts believe that Beijing will support Tehran against Washington.

China still biggest buyer of Iran oil
(Friday, June 29, 2018) 13:47
The United States has threatened to sanction the European Union (EU), China, India, Japan and South Korea if they continue oil imports from Iran.

However, analysts believe that China will back Iran dealing with oil sanctions as the populous East Asian country has always supported Tehran in different periods, particularly in the sanctions and JCPOA arenas.

After Washington's May 8 exit from the Iran Deal formally known as the Joint Comprehensive Plan of Action (JCPOA), US gave 90 to 180 wind-down period to other countries before it would start re-imposing sanctions on Tehran on November 4.

But, China has kept its economic cooperation with Iran regardless of the US threatening remarks.

In this regard, China Petroleum and Chemical Corp, or Sinopec, has declared that the US anti-Iran bans will not affect Beijing's oil imports from Tehran.

Also, the Chinese Foreign Ministry spokesperson Lu Kang in his latest remarks released by the Chinese Foreign Ministry has said, 'China and Iran are friendly countries to each other. We maintain normal exchanges and cooperation on the basis of conforming to our obligations under the international law, including in the fields of economy, trade and energy. This is beyond reproach.'

In related development, spokesman for the Chinese Ministry of Commerce Gao Feng has recently told the Islamic Republic News Agency (IRNA) in an exclusive interview that Beijing-Tehran economic relations will be broadened without paying attention to third-party countries’ internal rules.

Feng also reiterated that his country is against economic unilateralism followed by US or any other countries.

Anyway, experts believe that the unilateral measures taken by the US to threaten other countries not to buy Iran oil have led to price hike in oil.
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