China will trade with Iran despite the new US sanctions

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China denounced sanctions of United States over Iran’s financial and oil sectors and considered it as the long arm jurisdiction.

China rejected US sanctions on Iran and vowed to continue the trade with them. The decision announced after the US President Donald Trump decided to abandon the multi-nation nuclear deal with Iran.

Later, the US sanctions were imposed on Iran to cut the country’s oil exports. However, Iran’s oil exports are already reduced by around one billion barrels per day since May 2018.

Global oil prices decreased as the United States exempted some countries from Iran sanction. The United States gave 6 months exemption to eight oil importers. However, China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey are among them. These are Iran’s greatest purchasers, which means Iran will be permitted to in any case trade some oil for the time being.

Also Read: Oil prices decreased due to Iran sanction exemptions

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