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US Sanctions PRC Firms Accused of Iran Support

    US Sanctions PRC Firms Accused of Iran Support
    Last updated: 2 months ago
    Image credit: The Wall Street Journal

    Facts

    • The US Treasury and State Dept. on Thursday imposed sanctions on firms in China and other countries alleged of helping Iran circumvent bans on oil and petrochemical exports. Washington stated it would restrict Iran's energy sales more if it continued to breach the 2015 nuclear agreement. [1]
    • On Monday, the US also sanctioned four companies from Hong Kong, one from the United Arab Emirates, and one from Singapore. This freezes any US-based assets and bars Americans from dealing with them. [2]
    • US Sec. of State Antony Blinken also said that the State Dept. designated two PRC-based companies, Zhonggu Storage and Transportation Co Ltd and WS Shipping Co Ltd, for reportedly transporting Iranian petroleum products. [3]
    • The Biden administration has tried for months to persuade Beijing to prevent companies from facilitating the export of Iranian oil but to little avail. [4]
    • The Biden admin. desires a return to the multi-lateral nuclear pact that saw Iran scale back its nuclear program in exchange for lifting sanctions, and which Trump withdrew from in 2018. The new wave of US sanctions is seen as a way to bring Iran back to the negotiating table as diplomacy has recently stalled. [5]
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    Spin

    Pro-establishment narrative

    Iran has illicitly sold China $38B worth of oil since 2021. The PRC is principally responsible for keeping Iran's hardline regime afloat by continuing to import millions of barrels of oil each day. These sanctions against Chinese entities are necessary if the illegal Iranian oil trade is to be stopped and to bring Iran back to the negotiating table with the international community.

    Establishment-critical narrative

    The US, ever the fan of unilateral action, has imposed sanctions on no less than 17 foreign nations, with sanctions targeted at organizations covering dozens of others. Instead of promoting positive change on the world stage, Washington's sanctions policies weaken all parties and harm nations and their populations. These sanctions simply don’t work.

    Nerd narrative

    There is a 19% chance the US will rejoin the Iran Nuclear Deal by 2024, according to the Metaculus Prediction Community.

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