New US sanctions aimed at shutting down illicit petroleum and petrochemical trade between Iran and China will not substantially impact China’s status as the top importer of Iranian crude, with more than 200,000 b/d of illicit flows expected to continue, analysts said Friday. “With these new sanctions, the US is essentially mowing the lawn on illicit Chinese trade,” said Henry Rome, an Iran analyst with the Eurasia Group. “US sanctions have thus far not deterred much of it, hence the need for frequent rounds of new action.” Late Thursday, the US Treasury and State departments announced new sanctions on petrochemical and petroleum companies in Hong Kong, […]