# JPMorgan Chase & Co. and Citigroup Inc. were sued by a Chinese energy company for freezing payments meant for a firm that later came under US sanctions.

*fintech · news · 2026-05-07 · Financial Post*

## Key points

- HY Energy sued Citibank and JPMorgan in Chinese courts over frozen transfers totaling $40.5 million.
- Transfers were blocked months before China Oil and Petroleum was added to the US sanctions list.
- Citibank informed HY Energy that the funds were released to the US Treasury's OFAC.
- China's regulator told banks to pause new loans to five US-sanctioned refiners and review their exposure.

**Companies:** JPMorgan Chase & Co., Citigroup Inc., HY Energy Group Co., China Oil and Petroleum Co.
**Countries:** China, United States

[Read the full story on Financial Post](https://financialpost.com/pmn/business-pmn/jpmorgan-citi-sued-for-frozen-payments-to-sanctioned-china-firm)

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