U.S. Treasury Secretary Scott Bessent announced an ‘economic onslaught’ against Iran’s financial connections worldwide. China, Iran’s largest trading partner and primary oil buyer, is expected to largely escape these sanctions as President Donald Trump prepares to host Chinese leader Xi Jinping next month to maintain a fragile trade truce. The Treasury Department sanctioned nearly 60 Iran-linked entities, targeting companies in mainland China and Hong Kong, and a Chinese-owned crude oil tanker transporting millions of barrels of Iranian oil this year. Analysts note that the U.S. announcement carefully avoided targeting major Chinese banks to avoid disrupting the planned Xi summit. China, which receives over 80% of Iranian oil shipments, is expected to do the minimum to show compliance without severing ties with Tehran.
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