A Refined Move
Three major oil companies, Holland-based Vitol and Switzerland’s Glencore and Trafigura will cease all trading with Iran, leaving the Islamic Republic with only Dubai and several smaller companies to supply its refined oil.
Of course, China is the supplier with those “smaller” companies.
from Ynet News -
According to the [Financial Times] report, the three’s decision was prompted be concerns that their commercial ties with the US and its allies may suffer should they continue trading with Iran; despite the fact that the current draft of suggested international sanction on Tehran does not include oil trade.
American companies are forbidden to trade with the Islamic Republic by law.
Other European companies which export refined oil to Iran are also under pressure to terminate their contracts.