China asks banks to pause new loans to US-sanctioned refiners

The verbal directive, which came before China entered a long holiday weekend on May 1, contrasts with a May 2 notice from China’s Ministry of Commerce, which instructed companies to disregard US sanctions

That was the first time China had deployed a blocking measure introduced in 2021 aimed at protecting its firms from foreign laws it deemed unjustified

• China orders banks to stop loans to US-sanctioned refiners
• Banks asked to review exposure to firms like Hengli Petrochemical
• Directive seeks to dodge US secondary sanctions amid tensions

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