US Oil Sanctions Push Beijing to Test Washington’s Limits
Beijing has told its companies to ignore American sanctions on a major oil refiner, complicating the leaders’ summit next week.
Oil storage tanks at a petrochemical production base on the outskirts of Shanghai.
Source: BloombergThis article is for subscribers only.
Welcome to our guide to the commodities driving the global economy. Today, oil reporter Rong Wei Neo takes a look at the lessons from China’s unprecedented defiance of US sanctions.
US President Donald Trump’s expected meeting with his Chinese counterpart Xi Jinping next week just got a lot trickier.
Late last month, the US raised the heat on Iran and China simultaneously, sanctioning one of the latter country’s largest private refiners over its oil purchases — then repeatedly threatening banks and other firms involved with the sector.