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Treasury Secretary Scott Bessent said no country is "above the reach of U.S. sanctions," signaling Chinese banks could face consequences
The U.S. Treasury Department launched a sweeping sanctions campaign against Iran on Monday, warning that countries including China could face penalties for continuing to do business with the Iranian regime.
Treasury Secretary Scott Bessent announced the effort, called Operation Economic Outcast, at a news conference Monday. Asked whether the administration would target Chinese banks or spare them to preserve relations with Beijing, Bessent said no one would be exempt. "We want to make clear here today that no one is above the reach of U.S. sanctions," Bessent said, according to CNBC. "If they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted."
The campaign expands the categories of Iran-related activity that can trigger secondary sanctions — penalties that can cut foreign banks and companies off from the U.S. financial system — and immediately designates nearly 60 entities, individuals, and vessels across multiple jurisdictions. Treasury also issued new sectoral sanctions determinations covering digital assets, technology, gold, aviation, and shipping, broadening the agency's authority to sanction any foreign person operating in or providing services to those sectors of the Iranian economy.
