China Issues Injunction Against U.S. Sanctions

The Chinese Ministry of Commerce issued an announcement on Saturday, May 2, blocking U.S. sanctions imposed on five Chinese oil companies accused of buying Iranian oil, calling the sanctions a violation of international law. A statement posted on the Ministry’s website proclaims that the sanctions, which include freezing of assets, prohibition of transactions, and inclusion on the “Specially Designated Nationals List, “constitute improper extraterritorial application of foreign laws and measures…” and “shall not be recognized or complied with.”