#CryptoMarketDip SINGAPORE/BEIJING (Reuters) - The Shandong port group has banned tankers under U.S. sanctions from entering its ports in the eastern Chinese province, which is home to many independent oil refineries that are the largest importers of oil from countries that are under U.S. embargo, three traders reported.

Last year, the province imported about 1.74 million barrels per day (b/d) of oil from Iran, Russia, and Venezuela, accounting for about 17% of China's imports, according to shipping tracking data obtained by Kpler.

If the ban is implemented, it will lead to an increase in shipping costs for independent oil refining companies in Shandong, which are the main buyers of sanctioned oil from the three countries, traders added.

Last month, Washington imposed additional sanctions on companies and a shadow fleet that operate with Iranian oil. It is expected that President-elect Donald Trump, who will take office on January 20, will further tighten sanctions against Iran, as was the case during his first administration.