U.S. Plans New Bank Sanctions to Intensify Pressure on Iran, Will Engage China on Oil Purchases During G20 Summit

U.S. Treasury Secretary Scott Bessent revealed in an interview with the Associated Press that the Trump administration plans to impose sanctions on another bank this week as part of its intensified strategy to economically isolate Iran.

"If necessary, we will take tough financial measures. We are making it clear to all parties: we know who you are, and you know who you are—these transactions must stop."

This statement comes just ahead of the G20 Summit taking place in Asheville, North Carolina. Bessent intends to use the occasion to hold bilateral talks with finance ministers from both developed and developing economies, pushing for coordinated actions against Iran. However, he did not disclose the specific name of the bank set to face sanctions this week.

Previously, the Trump administration’s pressure on Iran’s trade partners had largely relied on verbal warnings. The international community is closely watching how the U.S. will handle China—the largest trading partner of Iran and the primary buyer of its oil. In response, Bessent stated he will communicate directly with China’s finance minister during the G20 summit, emphasizing that "all sanction options remain under consideration" regarding China’s continued purchases of Iranian oil.

At the same time, Bessent rejected claims circulating in media that “the U.S. government is unwilling to confront China,” calling such narratives a misleading portrayal by the press. He stressed that both sides share common ground on two core issues: ensuring the free flow of shipping through the Strait of Hormuz and preventing Iran from developing nuclear weapons.

By linking Iran policy to China-related sanctions, Bessent has turned what should have been a forum focused on global macroeconomic coordination into a stage for geopolitical maneuvering.

Despite the sharp rhetoric, Bessent proactively proposed one-on-one communication with China’s finance minister and emphasized shared positions on "preventing Iran from acquiring nuclear weapons" and "ensuring the security of the Strait of Hormuz"—indicating that the U.S. still aims to keep disagreements within manageable bounds and avoid a complete breakdown in relations.

The Chinese Ministry of Commerce has officially activated the Regulations on Blocking the Improper Extraterritorial Application of Foreign Laws and Measures, and issued a blocking order targeting transactions involving Iranian oil. This means unilateral U.S. sanctions are legally ineffective within China’s legal framework, and Chinese companies will not cease their legitimate and compliant economic and trade cooperation due to U.S. pressure.

In recent years, China's practical ability to circumvent U.S. dollar hegemony has grown steadily. All crude oil trade between China and Iran is now settled entirely in renminbi (RMB), and Kunlun Bank’s "barter-loop" mechanism operates completely independent of the SWIFT system. This demonstrates that the impact of U.S. “financial nuclear weapons” on China’s core interests has been significantly reduced. Should the U.S. persist with secondary sanctions, China will respond with countermeasures in kind under the Anti-Foreign Sanctions Law, potentially escalating further actions in critical mineral supply chains such as rare earths—directly targeting vulnerabilities in the U.S. supply chain.

Bessent himself admitted he does not want to “trigger a global financial crisis.” As the world’s largest trading nation and Iran’s biggest oil buyer, China remains indispensable. Imposing comprehensive sanctions on China’s core financial institutions would not only severely damage China but also provoke global market turmoil, ultimately harming the U.S. itself. Therefore, despite Bessent’s tough public stance, the U.S. will inevitably exercise caution in actual implementation—a tacit understanding both sides recognize during negotiations.

Original source: toutiao.com/article/1875010971961420/

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