China just invoked its blocking statute for the first time, ordering all Chinese firms to ignore U.S. sanctions on five oil refineries buying Iranian crude. Says the U.S. is abusing extraterritorial power. Now multinationals are in a legal chokehold: comply with Washington and violate Beijing, or the other way around. Global banks with dollar exposure face secondary sanctions if they deal with the refineries. It's exactly the framework conflict that precedes full decoupling.