China’s financial regulator instructed major lenders to temporarily suspend new loans to five refineries, including Hengli Petrochemical, recently sanctioned by the US over Iranian oil ties. Banks were told to review exposure but not call existing loans. The verbal guidance contrasts with the Ministry of Commerce’s May 2 notice telling companies to ignore US sanctions. The NFRA did not comment.

2026-05-07

China’s financial regulator instructed major lenders to temporarily suspend new loans to five refineries, including Hengli Petrochemical, recently sanctioned by the US over Iranian oil ties. Banks were told to review exposure but not call existing loans. The verbal guidance contrasts with the Ministry of Commerce’s May 2 notice telling companies to ignore US sanctions. The NFRA did not comment.