Trump Targets Chinese Banks and Refineries as Part of New Iran Sanctions
US President Donald Trump has vowed to intensify economic pressure on Iran by imposing new sanctions. Treasury Secretary Scott Besant is set to hold a press conference on Monday, where he will unveil 'never-before-seen' measures against Tehran.
The US, along with the UN and EU, has already imposed various sanctions, trade embargoes, and asset freezes since the late 1970s over Iran's nuclear program, human rights abuses, and support for militant groups. Since the war began in February, Washington has added more restrictions on maritime transport, energy, and finance, as well as a naval blockade.
According to data from the US Treasury Department's Office of Foreign Assets Control (OFAC), over 1,000 people, vessels, and aircraft have been sanctioned since Trump's second term began. Recent measures have targeted Iran's 'shadow fleet' for transporting oil, maritime insurance companies, entities, and individuals that enable Tehran to acquire weapons, as well as digital exchanges with an estimated $500 billion worth of Iran-linked crypto assets frozen.
Experts suggest the Trump administration may consider imposing sanctions on Chinese independent refineries, which account for a quarter of China's total oil refining capacity. These 'teapot' refineries operate with small or negative profit margins and have been buying large shares of Iranian oil exports by sea. Sanctions on these refiners could deter them from helping Iran circumvent existing sanctions.