China Vows to Defend Interests Amid Expanded US Sanctions on Iran
The US Treasury Secretary Scott Bessent announced new economic sanctions against Iran and its trading partners, including China, on Monday. The sanctions are part of 'Operation Economic Outcast' and aim to isolate any country financially cooperating with Iran.
China has vowed to defend its interests in response to the new sanctions, with Foreign Ministry spokesperson Lin Jian stating that Beijing strongly opposes what he called 'illegal unilateral sanctions'. He added that China would take 'all necessary measures' to protect its rights, citing cooperation between China and Iran as being within international law.
Lin's statement came after Bessent warned that any country financially cooperating with Iran would be isolated. The US has already imposed significant economic pressure on Iran, including a blockade of Iranian ports, which has led to a decline in trade with China, the largest buyer of Iranian oil.
David Oxley, chief economist for climate and commodities at Capital Economics, questioned the effectiveness of the new sanctions, stating that they would likely have only a limited direct impact on Iranian energy revenues due to most of Iran's oil going to China, which has not recognized US sanctions in the past.