Chinese Firms Funneled $1.5 Billion in Iranian Oil Money Through Binance
Two Chinese firms laundered more than $1.5 billion of Iran oil proceeds. China's Ministry of Commerce issued an injunction to block US sanctions on five Chinese refiners accused of buying Iranian oil. US Treasury Secretary Scott Bessent outlined sanctions against 60 entities and threatened secondary sanctions on countries doing business with Iran.
Why it matters: This illustrates the theme of sanctions, as US secondary sanctions on Iranian oil are being contested by Chinese commercial and state actions.