CN Reportedly Asks Major Banks to Review Risk Exposure and Biz Dealings with Hengli Petrochemical (Dalian), 4 Other Firms
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China has instructed major banks to pause new RMB loans to five refining companies, including Hengli Petrochemical (Dalian), recently sanctioned by the US. This measure aims to assess risk exposure and business dealings with these firms while awaiting further guidance. The US Treasury imposed sanctions on these companies for allegedly aiding Iran in oil sales, prompting China's Ministry of Commerce to ban compliance with these sanctions.
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