fintech / news / / Financial Post
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.
HY Energy sued Citibank and JPMorgan in Chinese courts over frozen transfers totaling $40.5 million.
KEY POINTS
- 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
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