US Targets Chinese Oil Imports as Part of Iran Sanctions Crackdown

US Treasury Secretary Scott Bessent has vowed to crack down on countries that do business with Iran, calling it an 'economic D-Day'. The move is aimed at countries that buy oil from Iran, and experts say China is a prime target. China buys around 90% of Iran's exported oil, providing tens of billions of dollars in revenue each year.

Bessent did not name specific countries, but hinted that quiet diplomacy has already begun. The US has previously threatened sanctions on Iranian trade partners, including India, which stopped importing Iranian oil in 2019 due to US sanctions.

China's Foreign Ministry spokesman Lin Jian said that sanctions and pressure tactics do not help resolve issues, and that China will take measures to safeguard its own rights and interests. The Strait of Hormuz is a focal point for the Iran war, with 38% of China's oil and 23% of its liquified natural gas transiting through it.