China to continue Iran trade despite new US sanctions

Published November 5, 2018
China denounced new United States sanctions targeting Iran's oil and financial sectors as "long-arm jurisdiction" on Monday and vowed to continue its bilateral trade with the Islamic republic. — File photo
China denounced new United States sanctions targeting Iran's oil and financial sectors as "long-arm jurisdiction" on Monday and vowed to continue its bilateral trade with the Islamic republic. — File photo

China denounced new United States sanctions targeting Iran's oil and financial sectors as "long-arm jurisdiction" on Monday and vowed to continue its bilateral trade with the Islamic republic.

The measures, which took effect on Monday, follow US President Donald Trump's decision to abandon a multi-nation nuclear deal with Tehran, which he said was flawed and does not adequately constrain Iran's destabilising behaviour in the Middle East.

The sanctions aim to significantly cut Iran's oil exports — which have already fallen by around one million barrels a day since May — and cut it off from international finance.

"China opposes unilateral sanctions and long-arm jurisdiction," foreign ministry spokeswoman Hua Chunying told a regular press briefing.

"We believe that China's normal cooperation (with Iran) within international law is legal and legitimate, and this shall be respected."

The US has given temporary exemptions to eight countries — including India, Japan and Turkey — to continue buying oil in a bid to avoid disrupting their economies and global markets.

Asked whether China has been granted an exemption, Hua said Beijing is conducting “normal cooperation” with Tehran within the framework of international law.

China is a signatory to the 2015 Joint Comprehensive Plan of Action — which includes Britain, France, Germany and Russia — that Trump pulled out from earlier this year.

The remaining members believe the agreement is working as intended and is keeping Iran from obtaining nuclear weapons for now.

"Under the current circumstances, we hope all parties can bear in mind the larger picture and fulfill their duties and choose to stand on the right side of history," Hua said, adding that China will continue to "uphold the objective and responsible attitude to uphold the agreement".

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

E-governance
Updated 10 Jan, 2025

E-governance

Wishing for a viable e-governance system seems like a pipe dream when stable internet connectivity is not guaranteed.
Khuzdar rampage
Updated 10 Jan, 2025

Khuzdar rampage

Authorities must explain how terrorists were able to commandeer the area for eight hours.
Beyond wheelchairs
10 Jan, 2025

Beyond wheelchairs

THE KP government’s Rs370m assistance programme for persons with disabilities is a positive step, not only in ...
Taking cover
Updated 09 Jan, 2025

Taking cover

IT is unfortunate that, instead of taking ownership of important decisions, our officials usually seem keener to ...
A living hell
09 Jan, 2025

A living hell

WHAT Donald Trump does domestically when he enters the White House in just under two weeks is frankly the American...
A right denied
09 Jan, 2025

A right denied

DESPITE citizens possessing the constitutional and legal right to access it, federal ministries are failing to...