US President Donald Trump indicated on Thursday that his administration might impose sanctions on Chinese banks due to their connections with Iran. This move could significantly intensify Washington’s efforts to isolate Tehran from the global financial system.
This includes a vastly expanded threat of secondary sanctions on countries that continue to do business with Iran. China is Tehran’s biggest trading partner, particularly when it comes to oil. Chinese banks continue to handle payments related to those and other forms of trade between the countries.
Treasury Secretary Scott Bessent this week announced that the United States was stepping up its campaign to “collapse” the Iranian government through economic sanctions and other measures.
The US Treasury has not so far issued any sanctions against major Chinese banks, although it has sanctioned several companies in mainland China and Hong Kong it accuses of aiding the Iranian government and armed forces.
China has opposed US secondary sanctions related to Iran as “illegal.” (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Asked by reporters at an event in the Oval Office whether he would sanction Chinese banks over such transactions, Trump responded with his own question. You don’t know if I’m doing it. Well, I don’t have to announce everything, do I?”
“Who said I’m not?” he said, cryptically. “I mean, who said I’m not?
