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In the US aid package for Ukraine, Israel and Taiwan, approved by the House of Representatives on Saturday and sent to the Senate, there are new sanctions on Iranian oil exports.
The legislation would expand sanctions to include ports, ships and foreign vessels refineries that knowingly process or ship Iranian crude in violation of existing U.S. sanctions, and would expand secondary sanctions to cover transactions between Chinese financial institutions and sanctioned Iranian banks used to purchase petroleum products, according to Bloomberg.
While the sanctions could affect Iranian oil exports, they also include presidential waiver authorities, ClearView Energy Partners says.
China’s independent refiners – which account for about 80% of Iran’s 1.5 million bbl/d of oil exports – will likely find ways to continue buying Iranian cargoes despite the new sanctions, refining and manufacturing sources said. trade at S&P Global Commodity Insights.
Iran is exporting more oil than at any time in the past six years, giving its economy a $35 billion annual boost, as demand from China continues to rise.
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