Four major South Korean oil refiners, including HD Hyundai Oilbank and SK Energy, have been indicted for violating fair trade laws. Prosecutors allege they colluded to artificially inflate domestic fuel prices, with the anticompetitive impact estimated at around $20 billion following the Middle East conflict.
China ordered companies to ignore US sanctions against five oil refiners accused of buying Iranian crude, an unprecedented pushback against American financial measures less than two weeks before a presidential summit. The US action “violates international law and the basic norms of international relations”, China’s Ministry of Commerce said on Saturday. The sanctions cover a refinery in Dalian owned by Shanghai-listed Hengli Petrochemical, along with four independent “teapot” refineries –...
China's Ministry of Commerce has instructed domestic firms to disregard US sanctions imposed on five Chinese oil refineries accused of trading Iranian fuel, labeling the US action as improper extraterritorial application.
China's Ministry of Commerce has instructed domestic companies not to comply with US sanctions targeting refiners allegedly linked to Iranian oil trade. The US Treasury warned banks last month against dealing with privately-owned teapot refineries, which it says account for the majority of China's oil purchases from Iran. China denies direct imports of Iranian crude and argues sanctions without UN mandate are illegal under international law. Oil prices have surged past $120 per barrel for the first time since 2022 following the closure of the Strait of Hormuz after US-Israeli operations against Iran in late February.
China's Commerce Ministry has blocked U.S. sanctions against five Chinese oil refiners accused of buying oil from Iran, stating the sanctions violate international law.
