China escalates sanctions defiance with injunction protecting five oil refiners from U.S. penalties for Iranian crude purchases. This marks a significant shift in Beijing's approach to Washington's enforcement actions, moving from compliance to direct confrontation. The move puts international banks in a precarious position, as they face potential exposure to U.S. sanctions if they facilitate transactions for these protected Chinese refiners. Financial institutions must now navigate conflicting regulatory demands from both the U.S. and Chinese governments. This escalation could reshape global energy markets and increase geopolitical risk for multinational corporations operating in both jurisdictions. The standoff signals deteriorating U.S.
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