Treasury announces sanctions targeting cheap Iranian oil heading for China ...Middle East

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Treasury announces sanctions targeting cheap Iranian oil heading for China
The Treasury Department announced sanctions Wednesday against a number of export companies shipping Iranian petroleum products to China and other east Asian countries, coming to the aid of U.S. allies in the Gulf who are seeing their Asian market share undercut by discounted oil from Russia and Iran. Russian oil exports to China have spiked following Russia’s invasion of Ukraine, which prompted Western countries to block and scale back their imports of Russian energy products. To stay competitive with cheaper Russian oil, Iran has also slashed its prices on exports to China, undermining the big Gulf producers on the international market. Ahead of President Biden’s trip to Saudi Arab

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