Following the US sanctions on Iranian oil refining facilities, China has temporarily suspended new lending to those companies. This reflects China's efforts to resist US sanctions while minimizing domestic economic damage. The move has occurred amid heightened tensions between the US and China.
The U.S. has sanctioned 35 Hong Kong-based entities and individuals for allegedly aiding Iran’s shadow banking network to move illicit funds. These sanctions target a system used by Iranian banks to move tens of billions of dollars linked to sanctions evasion and terrorism sponsorship. Specifically, Bank Melli and Fratello Carbone are included among the targets.