US Sanctions Hit Iran Oil Trade, China Pushes Back
The United States has announced new sanctions on individuals, entities, and vessels suspected of facilitating Iran's oil trade, as part of a broader effort to isolate the country economically. The move is seen as an attempt by Washington to pressure countries such as China, which has openly opposed US sanctions against Iran.
According to Reuters, the Treasury Department announced new sanctions on 60 individuals and entities, but did not target any Chinese financial institutions suspected of facilitating Iran's oil trade. However, Scott Bessent was quoted saying, 'no one is above the reach of U.S. sanctions,' in response to a question about Chinese banks.
China has rejected the US measures, with Foreign Ministry spokesperson Lin Jian stating that Beijing will take all necessary measures to safeguard its own rights and interests. Iran's Economy Minister Ali Madanizadeh also predicted that other countries would resist the sanctions.
The move comes as oil prices fell for a second day, despite concerns about disruptions to shipping in the Strait of Hormuz, which has seen a sharp decline in traffic in recent days.