US expands sanctions on Iran as China vows to defend its interests
The United States has announced a new, wide-ranging package of sanctions against Iran and its trading partners, warning that cooperation with Tehran risks isolation. China, the top buyer of Iranian oil, says it will protect its rights.
US Treasury Secretary Scott Bessent announced Monday a new round of sanctions against Iran, describing it as the largest financial strike against the country to date. Bessent warned that banks and companies continuing to do business with Tehran would also face isolation unless they cut ties.
He did not name specific countries but said President Donald Trump would personally contact foreign leaders regarding their cooperation with Iran. Asked about Chinese banks specifically, Bessent said it should be clear that no one is beyond the reach of US sanctions.
China's response
China's Foreign Ministry sharply criticized the new sanctions, saying Beijing firmly opposes unilateral measures and will use all necessary means to protect its interests. The ministry stressed that its cooperation with Tehran has always complied with international law and should not be interfered with.
China is the largest buyer of Iranian oil, though trade volumes have fallen since the US established a naval blockade. Trump and Chinese President Xi Jinping are due to hold talks in September, and Washington may be wary of escalating tensions with Beijing, which controls most of the world's rare earth metal supply and has already tightened export controls on these materials.
Iran's reaction
Iran's Economy Minister Ali Madanizadeh said the country is fully prepared for broader sanctions, which he described as another setback for the US. Speaking on state television, he said the government has a two-year plan to withstand the sanctions' impact.