The Chinese port operator Shandong Port Group has closed its ports to tankers that have been subject to US sanctions. In particular, Shandong Port Group controls the ports it uses to import oil from Russia, Venezuela and Iran. This was reported by Reuters, according to UNN.
Details
“Shandong Port Group has banned tankers under US sanctions from entering its ports in the eastern Chinese province, home to many independent refineries that are the largest importers of oil from countries under US embargo,” the statement said.
It is noted that Shandong Port Group controls the main ports on the east coast of China, including Qingdao, Zizhao and Yantai. Shandong Province is the main route for oil imports from Russia, Venezuela and Iran. Last year, the province imported about 17% of all oil imported to China.
“If the ban is enforced, it will increase shipping costs for independent refiners in Shandong, the main buyers of the preferential sanctioned crude oil from the three countries. The ban could slow down imports to China, the world's largest oil-importing country,” the newspaper adds.
However, the port of Shandong said it expects the shipping ban to have a limited impact on independent refiners, as most of the sanctioned oil is transported on tankers that are not subject to sanctions.
Recall
US President Joe Biden's administration plans to impose additional sanctions against Russia over its war with Ukraine, targeting its oil revenues by taking action against tankers carrying Russian oil.