Banks Supporting Chinese Refineries to Buy Iranian Oil Risk Sanctions, US Warns

The Trump administration has issued a warning to U.S. and international banks that dealing with private Chinese refineries that purchase Iranian oil could expose them to U.S. sanctions. Financial institutions “should be on notice that the department is leveraging the full range of available tools and authorities and is prepared to deploy secondary sanctions against foreign financial institutions that continue to support Iran’s activities,” the Treasury Department said in a April 28 statement. The U.S. government has ramped up efforts to cut off the Iranian regime’s oil revenue as part of its broad campaign dubbed Operation Economic Fury....