US Sanctions Target Chinese Entity, CEO for Buying Iranian Oil

The U.S. imposed sanctions on a Chinese oil company and its CEO for buying crude oil from Iran, Secretary of State Mike Pompeo said July 22. The announcement sanctioned Zhuhai Zhenrong Company Limited and CEO Youmin Li, Pompeo said.The sanctions were originally announced by the Treasury's Office of Foreign Assets Control on July 22, but the agency did not immediately release detailed information about the sanctions (see 1907220049). Pompeo said the sanctions are part of the U.S.’s “maximum pressure campaign” on Iran.

“They violated U.S. law by accepting crude oil,” Pompeo said. “We’ve said all along that any sanction will indeed be enforced. We can’t tolerate more money going to the ayatollah, putting American soldiers, sailors, airmen, and Marines, and putting their life at risk.”