"The Blocking Statute requires companies conducting commercial activities in China to disregard U.S. sanctions on five domestic refiners, asserting these sanctions are an improper extraterritorial application of foreign laws."
"MOFCOM's resolution emphasizes the need to safeguard national sovereignty, security, and development interests while protecting the legitimate rights and interests of Chinese entities."
"This invocation of the Blocking Statute forces global companies to make difficult choices between engaging in the U.S. market or maintaining operations in China."
On May 2, China's MOFCOM invoked the Blocking Statute to counter U.S. sanctions on five local oil refiners linked to Iranian oil transactions. This action marks the first use of the statute since 2021 and compels global companies to choose between markets. The sanctions are viewed as an improper extraterritorial application of foreign laws. Chinese firms are now able to sue for losses incurred due to these sanctions, indicating potential countermeasures from Beijing to protect its commercial interests.
Read at news.bitcoin.com
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