U.S. lawmakers seek to block Chinese purchase of Iranian oil, citing funding for alleged terrorist operations
American lawmakers are pushing for Senate approval of a bill aimed at preventing China from buying Iranian oil, asserting that the Islamic Republic utilizes oil revenues to finance what they term "terrorist operations" by proxy groups.
The legislators argue that over 90% of Iran's oil exports are directed to China, and the revenue generated is allegedly funneled to groups like Hamas in Palestine, Hezbollah in Lebanon, and the Houthis in Yemen, which have all been implicated in activities targeting Israel.
Despite international sanctions, China has significantly increased its purchases of Iranian oil in recent years, benefiting from substantial discounts.
The U.S. House of Representatives is now advocating for the imposition of secondary sanctions on Chinese financial institutions that facilitate the sale of Iranian oil.
The move comes in response to concerns raised by lawmakers about the ineffectiveness of existing sanctions and the substantial rise in Iran's oil exports.
A report from The Washington Institute highlights a significant surge in Iran's oil exports, exceeding triple the volume since 2020.
The Fars news agency, linked to the Islamic Regime Guard Corps (IRGC), reported a tenfold increase in income from Iran's oil exports to China compared to 2020. This surge reportedly followed the signing of a 25-year cooperation document and the restoration of relations between Iran and China.
The U.S. lawmakers, spearheaded by Republican Michael Lawler and Democrat Jared Moskowitz, emphasize the urgency of the bill, which was approved in the House of Representatives on November 3rd.
The legislation intends to intensify sanctions related to Iranian oil by targeting ports and refineries involved in purchasing or storing Iranian oil. Lawler stated that the bill sends a clear message that violators of sanctions, particularly those buying Iranian oil, will be held accountable.
The legislators argue that the heightened focus on blocking the purchase of Iranian oil by China gained urgency after the Hamas attack on Israel on October 7th.
The bill aims to reinforce sanctions against Chinese entities, aligning with the lawmakers' claim that Iran's oil revenues are being diverted to support activities deemed as "terrorist operations" against Israel.
