"Beijing has now directed companies not to abide by U.S. sanctions on private refiners linked to the Iranian oil trade, including heavyweight Hengli Petrochemical (Dalian) Refinery Co. which was sanctioned last month."
"A commentary on the People's Daily app, the Communist Party mouthpiece, called it 'a pivotal step' in using the legal instrument to restrain what it called the 'long-arm jurisdiction' of the U.S."
"Xi's government has been progressively cranking up the use of alternative tools, from rare earths to technology."
"They want to have as many levers as possible, Ja Ian Chong, an associate professor of political science at the National University of Singapore, stated."
China has instructed its companies to disregard U.S. sanctions, a bold move that could impact its banking sector. Historically, China has allowed compliance with these sanctions to protect its economy and maintain access to U.S. financial systems. The recent directive targets sanctions on private refiners involved in the Iranian oil trade. This action is framed as a response to U.S. overreach and aims to challenge the effectiveness of U.S. sanctions, especially as Washington faces challenges with its own sanctions against other nations.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]