Hong Kong (CNN Business) The United States has slapped sanctions on a Chinese company for importing Iranian crude in violation of US restrictions on Iran's oil industry.

US Secretary of State Mike Pompeo said the sanctions on Zhuhai Zhenrong Limited and its chief executive Youmin Li are "part of our maximum pressure campaign" on Iran. The decision comes amid escalating tensions between the United States and Iran, and during a truce in the trade war between Washington and Beijing.

"We've said that we will sanction any sanctionable behavior and we mean it," Pompeo said at a Veterans of Foreign Wars convention in Florida.

China slammed the US decision to target Zhuhai Zhenrong and its chief executive, Youmin Li, and urged the Trump administration to reverse course.

"We are opposed to the US bullying behavior of wantonly cracking down, suppressing and sanctioning Chinese companies and individuals based on US domestic law. We are firmly opposed to it and strongly condemn it," said Hua Chunying, spokeswoman for China's foreign ministry, at a regular press briefing in Beijing.