Daily Management Review

China stops buying Iranian oil because of US sanctions


China and a number of other countries refused to buy Iranian oil for fear of falling under US sanctions, The Wall Street Journal reported, citing sources from the Iranian oil sector.

The United States, which had previously discontinued participation in the agreement on the Iranian nuclear deal, resumed sanctions against this country. The sanctions’ main purpose, according to US senior officials, is to bring Iran’s oil exports to a “zero mark”. Washington warned that sanctions would be extended to third countries that would continue the oil business with Tehran.

Temporary exemptions were introduced for seven states and Taiwan, including China, India, Turkey, South Korea and Japan, which continued to buy Iranian oil until April of this year. Greece, Italy and Taiwan were not able to take advantage of this delay on insurance-related issues.

At the end of April, US Secretary of State Mike Pompeo announced that the exemptions would expire on May 2, 2019, since that time the purchases by these countries have been terminated.

"They do comply with the sanctions," said Rahim Zaare, member of the economic commission of the Iranian parliament, to the publication.

Prior to this, according to the him, they bought 1.6 million barrels of oil from Iran daily.

At the same time, Iranian businessmen are not losing hope for the resumption of oil supplies to China. A private supplier told The Wall Street Journal that he was negotiating with small Chinese refineries on this topic, but the decision can be made only with the consent of the governments of Iran and China.

The Ministry of Foreign Affairs of the People's Republic of China criticized the imposition by Washington of unilateral sanctions against Iran and third countries, and confirmed that energy cooperation with Iran is carried out on a legal basis in accordance with international laws.

source: wsj.com

Science & Technology

Study: Machine learning is five times more harmful for the environment than a car

Would Singapore Be The First One To Bring Lab Grown Shrimps To The Global Market?

Apple Patents A ‘Foldable Screen’ For Creating Foldable iPhones

Research Shows Air Pollution Causing Birth Defects

Microsoft tells about operating system of the future

Study: Third of US kids wake up at night to check their smartphones

Deepfake AI Technology Used By Researchers To Bring Mona Lisa ‘To Life'

China is developing technology to capture greenhouse gases

IEA: The growth of renewable energy is slowing

Google introduces new smartphone and beta Android Q

World Politics

World & Politics

Iranian Foreign Minister urges other countries to abandon the dollar

The EC recommends starting penalty procedure against Italy

European Breweries To Up Their Brewing Innovation Amid Green Legislations

‘Frequent’ Shootings Causes China To Issue Travel Advisory Against US To Its Citizens

Facebook’s appeal to stop ECJ data case rejected in Irish Supreme Court

Trump: Japan to buy 105 F-35 fighters from the USA

Theresa May to resign on June 7

The Earth Is ‘Not On Track’ To Tackle Global Warming: The U.N. Secretary General