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China’s Financial Regulator Tells Banks to Pause New Loans to Five Refiners Sanctioned by US
China’s financial regulator has told the country’s largest banks to temporarily halt new lending to five refiners recently sanctioned by the US over their ties to Iranian oil. The move, reported by people familiar with the matter, comes as Beijing navigates compliance with American sanctions. @business reported the development.
May 7, 5:59 AM·1m read1 source
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China’s financial regulator has advised the country’s largest banks to temporarily suspend new loans to five refiners recently sanctioned by the US over their ties to Iranian oil, according to people familiar with the matter. @business reported the information.
The directive targets China’s biggest banks and applies only to new lending. It represents a direct response to the recent US sanctions placed on the refiners. No further details on the duration of the suspension or the specific identities of the five refiners were disclosed in the reporting.
The action underscores the challenges faced by Chinese financial institutions when dealing with entities linked to sanctioned Iranian oil trade.
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