Regarding the fight over U.S.-China sanctions, the most aggressive card hasn't actually been played yet.

The U.S. side issues an order: You are not allowed to do business with these companies, or I will take action against you.
China quickly responds with an order: You must do business with these companies, or I will take action against you.
Both sides issue official documents with equally strong language.
Now, a huge dilemma directly falls on the heads of all companies caught in the middle, especially banks.
Listen to the U.S., and you immediately violate China's "Anti-Foreign Sanctions Law," facing hefty fines, and possibly top executives going to jail.
Listen to China, and continuing to provide financial services to those companies is equivalent to directly gambling with the U.S. "secondary sanctions."
What are they gambling on?
They're betting whether the other side dares to flip that switch.
The switch that can instantly "kick you out" from the global payment system.
Once kicked out, an international bank instantly becomes an information island.
It's not about having more or less money; it's that all your cross-border dollar transactions—none can go out, none can come in. It’s completely paralyzed.
You can imagine a scene like this:
In a certain office building in Shanghai, a bank manager’s desk has two documents laid out side by side. One is an order from the U.S. Treasury, cold and stern; the other is an instruction from China’s Ministry of Commerce, written in black and white.
The pen in his hand hovers in mid-air, sweat sliding down his forehead, dripping onto the desk.
At this moment, the phone on the desk suddenly rings, and the screen shows a number he least wants to answer— the one from the company that was named by the U.S., but which we require him to serve.
Should he answer this call or not?
Answering could mean the entire bank’s international business is wiped out overnight.
Not answering means he will face legal accountability at home immediately.
This is no longer just a business game.
In plain terms, it’s like two knives are placed on the necks of all multinational companies—one called "market," the other called "system"—forcing you to choose which one is more deadly.