China renews unilateral sanctions against Iran

"China opposes any country implementing unilateral sanctions on another country according to its domestic law," Chinese Foreign Ministry Spokesman Hong Lei said at a daily press briefing on Wednesday. "China legally imports oil from Iran through normal channels in a reasonable and fair manner," he added. "Beijing imports oil based on the country's economic development needs without violating relevant resolutions of the UN Security Council and undermining the third parties' and international community's interests," the Chinese official said. Earlier this week, a senior Chinese economic official underscored Beijing's resolve to continue importing crude oil from Iran, and noted that his country faces no problem for importing Iranian oil. Managing-Director of the Chinese Shipping Development Company Yan Zhichong said Monday the company would continue importing oil from Iran despite West's unilateral sanctions against the country Yan added that Beijing will by no means allow the sanctions reduce the volume of China's oil imports from Iran. Yan stated that China's Shipping Development Company has, so far, faced no problems regarding importing oil products from Iran. Yan stressed that China would do its utmost to tackle Europe's sanctions against Iran. China is Iran's top trade partner, with economic ties expanding in recent years after the withdrawal of Western companies in line with sanctions against the Islamic Republic over its peaceful nuclear program. Beijing has also significantly increased its presence in Iran's oil and gas sector by signing a series of contracts worth up to 40 billion dollars in the past few years. China boosted its oil imports from Iran by 30% in 2011 despite the West's pressure on the world's second largest economy to lower economic ties with Iran. China's crude oil imports from Iran have amounted to 27.76 million metric tons in 2011, Chinese General Administration of Customs announced in February.