HY Energy, a Chinese fuel trading company, has filed two separate lawsuits in Shanghai and Beijing against JPMorgan and Citigroup, alleging the banks improperly blocked $40 million in payments intended for China Oil and Petroleum Company (COPC) in 2023. According to court documents, the transfers were initiated months before the U.S. Department of the Treasury designated COPC as a sanctioned entity. The lawsuits claim the banks froze the funds without legal justification at the time, as no sanctions had been imposed on COPC when the payment orders were executed. HY Energy is seeking compensation for financial losses resulting from the…
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