US President Joe Biden recently signed into law the package on Iran oil sanctions, also known as “Stop Harboring Iranian Petroleum Act”. The legislative package is a response to the airborne attack against Israel that was recently launched by Teheran for the killing of Iranian military officials in Syria. The measures toughen existing sanctions on Iran’s oil sector, targeting foreign ports, vessels and refineries that knowingly process or ship Iranian crude. In addition, the legislation expands secondary sanctions covering all transactions between Chinese financial institutions and sanctioned Iranian banks.