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When sanctions stop working

Having accused five Chinese refineries of buying Iranian oil, the US Treasury on 24 April put them on its ever-growing list of sanctioned companies. On the face of it, routine enough. For decades Washington has asserted the right to decide who can trade with the rest of the world, and everyone else has acquiesced to its diktats for fear of being shut out of an international financial system tethered to the dollar. But this time it didn't go according to plan. Beijing, which had previously (…)

- 2026/06 / editorial
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