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After US Sanctions, Beijing Orders "Firewall" Around Firms Trading In Iranian Crude

| May 03, 2026, 03:50:00 PM | TOI.in
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Beijing is fighting back. The Chinese Ministry of Commerce has issued a major blocking order, making it illegal for any company or bank in China to comply with U.S. sanctions on five massive petrochemical firms. By shielding these companies—which are vital to refining Iranian crude—China is effectively telling Washington that its energy security is off-limits. With the digital yuan and CIPS system waiting in the wings, this move marks a massive step in the "de-dollarization" of the global energy market.

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