U.S. curbs on Iran drive China to chase pricey Russian crude

The ripple effects of U.S. pressure on Iran are spreading to China’s refining industry. After the United States blocked maritime shipments of Iranian crude, it recently sanctioned a workaround payment network in China for proceeds from crude sales, cutting off the flow of cheap Iranian oil. In response, China’s largest state-owned refiner, Sinopec, has been ...

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