China has said that it would safeguard its interests after Washington unveiled new measures while laying out plans for the “economic asphyxiation” of Beijing’s economic partner Iran. Speaking at a regular news briefing in Beijing on Tuesday, Chinese Foreign Ministry spokesperson Lin Jian rejected Washington’s expanding pressure campaign, calling for an immediate end to unilateral measures. Washington also expanded secondary sanctions threats, urging governments worldwide to join its economic campaign.
Asked on Monday whether Chinese banks would be targeted by the new penalties, US Treasury Secretary Scott Bessent said, “No one is above the reach of US sanctions.” China has advocated for a ceasefire, insisting US sanctions will not resolve the conflict. Beijing remains a key customer for Iranian oil and is directly affected by the blockage of the Strait of Hormuz. Iran has weathered sanctions for decades, using complex international financial networks to evade restrictions.
Before the war, it continued to export millions of barrels of oil, mostly to China. Amid the US’s latest move, some analysts say threats to sanction Chinese entities over trade with Iran are unlikely to materialise. This is due to a combination of diplomatic and legal obstacles, according to Trita Parsi, executive vice president of the Washington-based Quincy Institute for Responsible Statecraft.
Diplomatically, Parsi pointed out that Beijing helped avert a severe economic crisis during the height of the war by halting its oil purchases just as prices spiked, cratering demand and keeping crude under $100 per barrel for extended periods. Beyond that, Beijing is unlikely to accept US attacks on its companies or economic interests without pushback. Separately, the president of the Iran-China Chamber of Commerce and Industries, Majidreza Hariri, also criticised US policies, warning that Washington has entered into an economic war with Tehran.
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