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US Treasury Secretary Scott Bessent on Monday (local time) signalled that China would not be exempt from potential US sanctions over economic ties with Iran, while stopping short of directly confirming whether Chinese banks would be targeted, CNN reported.
"No one is above the reach of US sanctions," Bessent said while addressing a press conference on Monday. "If they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted," Bessent said. "We know who they are. They know who they are." Bessent was responding to questions over whether the US sanctions threat would extend to China, Iran's main trading partner. He did not directly confirm whether Chinese banks would face sanctions. The remarks come as the Trump administration seeks to intensify economic pressure on Iran while navigating its relations with China. As per CNN, China has long purchased as much as 90 per cent of Iran's oil exports, in addition to maintaining a broader trade relationship with Tehran. This development comes as Trump is scheduled to welcome Chinese President Xi Jinping for a state visit on September 24, where the two want to advance a trade deal. Meanwhile, Scott Bessent said on Monday (local time) that Washington is pursuing "quiet diplomacy" with countries that maintain economic ties with Iran, as the Trump administration considers new sanctions targeting Iran-related activities. "We find that the best way to engage with countries is through quiet diplomacy, and we are level-setting with every country to tell them our expectations," Bessent said during a press conference. The Treasury Department has expanded the categories of "Iran-related conduct" that could be subject to US sanctions in the future, covering sectors including digital assets, technology and shipping. The administration also plans to provide countries with specific timelines to end their relationships with Iran and said it would work with "counterparts around the world" to address activities linked to Tehran. However, the US has so far stopped short of imposing the major new penalties it has threatened against countries continuing economic dealings with Iran, as per CNN. Bessent's remarks came a day after he warned in an op-ed that an "economic D-Day is coming for Iran". His comments followed similar warnings from US President Donald Trump, who has sought to increase economic pressure on Tehran and push it back towards negotiations. On August 20, Trump announced a sweeping economic campaign against Iran and warned that countries providing financial, business, airport or government support to Tehran would face "tremendous economic consequences". Trump urged US allies to join Washington in isolating Iran and said the measures would mark an "economic D-DAY". "You know who you are. This will be an ECONOMIC D-DAY, and we need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat," Trump said. (ANI)
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