Chinese firms get lessons in the law to avoid conflict with US over Iran sanctions
Beijing is against Washington’s unilateral action, but trade group says companies that do business with Tehran must avoid legal pitfalls
Chinese companies doing business with Iran can tap into a government trade organisation to prepare for US sanctions that are set to take effect against Tehran next week.
The China Council for the Promotion of International Trade has said it has invited legal and trade experts to join company representatives at a seminar this week to assess the possible implications of Washington’s actions for the shipping, shipbuilding and port industries, and how firms could best deal with them.
“US sanctions on Iran will have a big impact on Chinese enterprises,” the council said in a notice.
The planned conference comes after the trade body last month issued a statement advising member companies to assess the risks associated with their Iran-linked operations.
On May 8, US President Donald Trump pulled America out of the Iran nuclear deal after accusing Tehran of breaching the terms of the agreement. Trump said he would reimpose sanctions – after a 90-day grace period for firms to wind down their activities – that had been lifted when the deal was agreed in 2015.
The deadline for the sanctions, which will affect the markets for cars and metals, as well as financial transactions denominated in the Iranian currency, the rial, is August 6.