# HY Energy, a Chinese fuel trading company, has filed two separate lawsuits in Shanghai and Beijing against JPMorgan and Citigroup.

*fintech · news · 2026-05-08 · Natural News*

## Key points

- HY Energy sued JPMorgan and Citigroup for blocking $40 million in payments before any COPC sanctions.
- The banks reportedly transferred the frozen funds to OFAC in May 2024, placing them under U.S. control.
- HY Energy alleges the payment freeze lacked legal basis as COPC was not sanctioned at the transfer time.
- China invoked its Blocking Rules in May 2026, ordering companies to ignore U.S. sanctions on five refineries.
- China's Ministry of Commerce instructed firms to prioritize Chinese law over U.S. extraterritorial sanctions in May 2026.

**Companies:** JPMorgan, Citigroup, HY Energy
**Countries:** China, United States

[Read the full story on Natural News](https://www.naturalnews.com/2026-05-08-chinese-trader-sues-us-banks-blocked-payments.html)

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