On January 6, 2025, the Chinese port operator Shandong Port Group announced the introduction of a ban on entering its ports for tankers that fall under US sanctions. This initiative applies to vessels listed by the US Department of the Treasury's Office of Foreign Assets Control (OFAC). The ban applies to ports in Shandong province, including the key ports of Qingdao, Zhizhao and Yantai, which are important for oil imports, including from countries such as Iran, Russia and Venezuela.
The decision is part of China's efforts to bring its activities into line with international sanctions imposed on these countries, but it also has an economic context. At the same time, Shandong Port Group notes that the ban will not have a significant impact on the country's independent refineries, as most of the sanctioned oil is delivered by tankers that have not been sanctioned.
According to Kpler, the Chinese province imported about 1.74 million barrels of oil per day from Iran, Russia and Venezuela in 2024, accounting for about 17% of China's total oil imports. Refusal to process sanctioned oil at certain terminals can have a significant impact on logistical and economic flows in international oil and gas trade.
