34 In a strong response to rising trade tensions, China’s Commerce Ministry on Saturday announced a new rule that stops Chinese companies from following US sanctions, according to Xinhua. This decision is meant to protect five biggest Chinese petrochemical companies that were recently targeted by the US for their alleged links to Iran’s oil trade. This marks the first time Beijing has officially invoked its “blocking statute,” a legal mechanism designed to neutralise the extraterritorial reach of foreign laws, signalling a shift from diplomatic protests to active legal countermeasures. According to Xinhua, the companies named include Hengli Petrochemical (Dalian) Refining…
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