US Unleashes Economic Campaign Against Iran's Trade Partners

The US is preparing to launch a new economic campaign against Iran, described by Treasury Secretary Scott Bessent as the 'single greatest financial offensive ever marshalled against an adversary'. The move targets countries and companies that facilitate Iranian trade, particularly oil exports, rather than just the regime itself.

China has become Iran's largest oil customer in recent years, with bilateral trade remaining substantial despite US sanctions. China buys over 80% of Iran's shipped oil, primarily through a complex network of independent refiners, traders, and financial intermediaries that bypass US regulations.

Russia has also increased its trade with Iran, with bilateral trade rising by over 20% in 2025 compared to the previous year. The two countries have a strategic partnership and conduct much of their mutual trade in rubles and rials, reducing reliance on Western financial institutions.