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There was a time when the majority of people thought that residing in China, possessing no overseas assets, and refraining from doing business with foreign firms would keep them immune to the repercussions of U.S. sanctions. Yet, the United States has leveraged the Office of Foreign Assets Control (OFAC) under the Treasury Department to enforce economic sanctions. These sanctions mandate that all members of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) must abstain from conducting any transactions with entities that are under sanctions. Considering that the lion's share of banks and financial institutions in China are part of the SWIFT network, the tangible effects of these sanctions have started to become glaringly obvious.
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