OFAC designated a Chinese state-run oil trader and its chief executive for violating U.S. sanctions by purchasing Iranian oil.
According to a statement from Secretary of State Michael Pompeo, the firm Zhuhai Zhenrong Company Limited ("Zhuhai Zhenrong") knowingly purchased crude oil from Iran after the expiration of China's Significant Reduction Exception (SRE) on May 2, 2019.
All property and interests in property of Zhuhai Zhenrong and its executive, Li Youmin, as well as any entities owned 50 percent or more by them, that are in the United States or are in the possession or control of U.S. persons are now blocked and must be reported to OFAC. Additionally, OFAC regulations generally prohibit any dealings by U.S. persons, or within the United States, that involve this individual and entity, their property or interests in property.
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