Bloomberg, Senate Passage Remains Uncertain
The U.S. House of Representatives passed a bill on the 15th (local time) to sanction China's purchase of Iranian oil in response to Iran's attacks on Israel.
On the 1st (local time), rescue operations are underway at the Iranian consulate building in Damascus, Syria, which was destroyed by an Israeli military airstrike. [Image source=Yonhap News]
According to Bloomberg News, the bill was approved in the House with 383 votes in favor and 11 against. The bill expands secondary sanctions (third-party sanctions) on Iran, targeting all oil and petroleum product transactions between Chinese financial institutions and sanctioned Iranian banks.
According to the bill, about 80% of the approximately 1.5 million barrels of oil exported by Iran are purchased by Chinese private refineries known as 'Teapots.' The bill states that all transactions by Chinese financial institutions to purchase Iranian oil are considered "significant financial transactions" for sanction purposes.
Bloomberg reported that the fate of the bill in the U.S. Senate remains uncertain.
Currently, the U.S. House is reviewing several bipartisan bills against Iran, which attacked its ally Israel.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
