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January 13, 2012 2:00 pm

U.S. Sanctions Hit Chinese Oil Giant

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US Treasury Building. Photo: AgnosticPreachersKid.

Sydney Morning Herald – The U.S. has sanctioned three foreign companies for doing business with Iran, as the international pressure on Tehran over its nuclear program intensifies and the fallout from the assassination of another of its scientists continues.

China’s state-run Zhenrong – the largest supplier of refined petroleum to Iran – was one of the companies sanctioned, the US State Department said. It had brokered the delivery of more than $US500 million of petrol to Iran between July 2010 and January 2011. The threshold for transactions allowed under the sanctions is $US1 million.

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