Biden signs aid package extending sanctions to ports and ships handling Iranian oil

President Joe Biden signed a $95 billion foreign aid package on 24 April that widens US sanctions on Iran's oil trade, Bloomberg reports. The Senate passed it by 79 votes to 18. The law extends sanctions to foreign ports, vessels and refineries that knowingly process or ship Iranian crude in breach of existing US sanctions, and covers transactions between Chinese financial institutions and sanctioned Iranian banks used to buy petroleum. About 80% of Iran's roughly 1.5 million barrels a day of exports go to China, mostly to independent 'teapot' refiners. Analysts said presidential waiver authority could limit the impact.

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