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China's rare defiance of U.S. sanctions sparks showdown over banks

The Japan Times·No Author·29 days ago
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A Chinese flag flutters in front of the Shanghai Gaoqiao Company Refinery in Shanghai.

A Chinese flag flutters in front of the Shanghai Gaoqiao Company Refinery in Shanghai. | BLOOMBERG

China has ordered companies to defy U.S. sanctions for the first time, a step that threatens to put its banking sector into the crosshairs of competition between the world’s largest economies.

The decision, announced on Saturday, risks becoming a watershed moment after a period when China officially rejected unilateral sanctions even as companies ultimately complied to avoid blowback on its own economy and preserve access to the U.S. financial system.

With the latest regulations, which directed companies in the country not to abide by U.S. sanctions on five domestic refiners linked to the Iranian oil trade, Beijing is signaling a far firmer stance against such restrictions.

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