India, April 29 -- The U.S. Government has alerted financial institutions to the sanctions risks associated with independent "teapot" oil refineries in China, primarily in Shandong Province, given their continued role in importing and refining Iranian crude oil.
China purchases approximately 90 percent of Iran's oil exports, with teapot refineries accounting for the majority of these imports. This revenue ultimately benefits the Iranian regime, its weapons programs, and its military. Some Chinese teapot refineries have used the U.S. financial system to conduct dollar-denominated transactions and procure U.S. goods.
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