Under pressure from US sanctions, China directs its banks to suspend financing for oil refineries dealing with Iran

China’s financial regulator has instructed banks to temporarily halt new lending to several Chinese oil refineries involved in facilitating Iranian oil trade, citing US sanctions. This move reflects China’s efforts to protect its financial institutions and mitigate the impact of US sanctions. Analysts view this as a strategic maneuver to maintain Iranian energy imports while minimizing the potential repercussions on China’s banking system.