China orders firms to ignore US Iran sanctions, daring US to enforce crackdown

This material may not be published, broadcast, rewritten, or redistributed. ©2026 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by LSEG. Rebeccah Heinrichs from the Hudson Institute analyzes the proposed U.S.-Iran peace deal and questions the decision to pause Project Freedom. She discusses China's stance on the Strait of Hormuz and its relationship with Iran. China has ordered companies to disregard U.S. sanctions targeting Iranian oil, forcing a direct test of Washington’s ability to enforce its crackdown on Iran. A new directive, issued through China’s Commerce Ministry Sunday, invokes a 2021 "blocking statute" that prohibits firms from complying with foreign sanctions deemed illegitimate. The order applies to several Chinese refiners accused by the United States of purchasing Iranian crude, including major independent processors known as "teapot" refineries. The move represents a shift from years of opaque workarounds to more explicit state-backed resistance, as Beijing signals it

May 7, 2026 → May 7, 2026