BEIJING (Reuters) – China’s foreign ministry said on Wednesday it was not aware of Shandong Port Group’s decision to ban U.S.-sanctioned vessels from its network of east coast harbours.
The group oversees several major terminals in the province of Shandong, which is the main entry point for Iranian, Russian and Venezuelan oil imported into China. Last year, those embargoed flows were almost a fifth of total oil imports.
If the ban is enforced, traders say it will drive up shipping costs for independent refiners in Shandong, the main buyers of discounted sanctioned crude from the three countries, and could also slow oil imports into China.
A Chinese foreign ministry spokesperson said they were not aware of the decision, reported by Reuters on Tuesday, and reiterated China’s opposition to U.S. sanctions.
“As a matter of principle, I am not aware of the relevant situation,” the spokesperson said at a daily press conference.
“China has always firmly opposed the lack of international law on the part of the United States, illegal unilateral sanctions and long-arm jurisdiction without U.N. Security Council authorization,” they added.
This post is originally published on INVESTING.
