Chinese corporations did not buy Iranian oil because of sanctions

Baku. 24 October. REPORT.AZ/ Chinese companies Sinopec and CNPC did not buy Iranian oil because of concerns they would be violating U.S. sanctions, Report informs citing Reuters.

Sinopec and CNPC are skipping bookings for November because it is unclear if Chinese buyers could win waivers from the sanctions, said the persons, who declined to be named due to the sensitive matter.

Notably, in May US President Donald Trump announced the unilateral withdrawal of the United States from the Joint Comprehensive Action Plan (JCPOA), a deal which limits Iran's nuclear development in exchange for the lifting of UN Security Council sanctions. The US promised to impose sanctions that will cover Iran's oil exports from November 4.