RESOLVING THE LEDGER
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See the full story · 1 sourcesUS Treasury Secretary Scott Bessent says Operation Economic Outcast is meant to cut Iran’s remaining financial lifelines.
China opposes US sanctions on Iran and warns it will protect its cooperation with Tehran within international rules. China calls for de-escalation and a return to negotiations amid a stalemate in talks between the US and Iran. US targets Iran-related businesses in Hong Kong but avoids major Chinese banks to limit a broader fallout. AI generated
BEIJING – China threatened on Aug 25 to retaliate against the United States and signalled it would not back away from its cooperation with Iran after the Trump administration’s latest sanctions targeted businesses in China and Hong Kong.
Speaking at a regular news briefing in Beijing, Foreign Ministry spokesman Lin Jian gave China’s first official reaction to measures announced by Washington, saying it opposes unilateral sanctions that risk worsening conflicts.
The most urgent task is to de-escalate tensions and return to negotiations, he said.
When asked about Beijing’s response to the steps taken by the US against Iran and threats made against its trading partners, Lin reiterated that China would act to protect itself.
“China’s cooperation with Iran has always been conducted within the international framework and should not be interfered with or undermined,” he said. “China is closely monitoring relevant developments and will take all necessary measures to firmly safeguard its own interests.”
Hours earlier, the US Treasury Department unveiled a package targeting dozens of individuals and entities as part of what Treasury Secretary Scott Bessent described as Operation Economic Outcast, a broader campaign aimed at severing Iran’s remaining financial lifelines .
Despite the inclusion of Hong Kong-based entities, the US avoided targeting major Chinese financial institutions.
The measures suggest Washington is seeking to raise the costs of doing business with Tehran without yet confronting the broader economic and diplomatic fallout that could come from sanctioning large Chinese banks.
China buys the bulk of Iran’s oil and was its second-largest trading partner in 2025, behind the United Arab Emirates, which has said it cut all economic ties with Tehran after accusing it of firing ballistic missiles at its territory. BLOOMBERG
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