China orders companies to ignore
Photo: AP/TT

China orders companies to ignore US sanctions

The Chinese government this weekend ordered companies to ignore U.S. sanctions, potentially drawing major banks into the fray in an increasingly tense relationship between the world's two largest economies.

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China has previously described US sanctions as illegal, but has quietly allowed China's large companies to adapt to avoid economic setbacks and preserve access to the US financial system.

The order issued in Beijing is linked to US sanctions targeting companies engaged in oil trade with Iran, including the privately held Chinese refiner Hengli Petrochemical Refinery, and comes ahead of a planned summit between President Donald Trump and Chinese leader Xi Jinping later in May.

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AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers
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