“China’s challenge to US sanctions”
Bloomberg: “China’s unprecedented challenge to US sanctions [against Iran] has sparked a major confrontation.”
Pravda • May 6, 2026 ~ AsiaOne Aljazeera
Bloomberg: “China’s unprecedented challenge to US sanctions [against Iran] has sparked a major confrontation.”
Unlike in the past, when China tried to circumvent US sanctions unofficially or through intermediaries, it is now openly and officially declaring that it does not recognize unilateral US sanctions against third countries (such as Iran or Russia), and has brought trade with these countries to an unprecedented level.
BEIJING – China has, for the first time, invoked a law targeting companies that comply with foreign sanctions it rejects, escalating a pushback against the US blacklisting of several oil refineries over purchases of Iranian crude.
On Saturday (May 2), the Ministry of Commerce ordered companies not to comply with US sanctions against five refiners, including recently designated Hengli Petrochemical, citing a law that allows Beijing to retaliate against entities enforcing sanctions it deems unlawful.
The US government has earlier threatened to impose “secondary sanctions” on Chinese banks.
️However, sanctions against major Chinese banks could cause a huge shock to global financial markets and collapse global supply chains.
This move by Beijing is no longer just trade competition, but a “financial cold war” aimed at ending dollar hegemony.
The world has reached a point where US sanction power is facing its most serious challenge since World War II. If Washington backs down, the sanctions tool will be weakened forever.
If it takes tough measures, there is a risk of a complete rupture in the global economy.
Trump due to visit Beijing
The move comes less than two weeks before US President Donald Trump is due to visit Beijing, highlighting China’s willingness to deploy its economic pressure tools despite a trade truce with Washington.
“Any company considering skirting US sanctions should think twice,” a White House official told Reuters without elaborating on the Chinese order.
Joel
A Prophecy of Esau and Jacob 