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China signals it will keep trade ties with Iran after US sanctions
The US sanctions package targets shipping and oil sector players, while China’s foreign ministry said the move could raise risk spillovers that disrupt the global economy.
China signaled it will not end its trade ties and related cooperation with Iran after the United States unveiled a new sanctions package that targets Chinese and Hong Kong entities for helping Iran do business, including activities tied to shipping and oil.
According to OilPrice, the US Treasury’s sanctions effort, dubbed Operation Economic Outcast and announced by Treasury Secretary Scott Bessent, stopped short of directly sanctioning Chinese banks. The designations announced Monday include brokers, companies, and shadow-fleet vessels operating across locations including the UAE, Hong Kong, China, Singapore, Switzerland, and Europe, which the US says transport Iranian oil and route revenues to Iranian entities.
The US also sanctioned international companies operating in Iran’s petroleum sector and facilitating the movement and sale of Iranian crude and petroleum products, the outlet said.
In the first public reaction to what OilPrice called the ‘Economic D-Day’, Lin Jian, spokesperson for China’s Foreign Ministry, said China opposes unilateral sanctions without a basis in international law or UN Security Council authorization, adding that economic warfare and maximum pressure provide no solution. He also said such moves could fuel tensions and lead to risk spillover that disrupts the global economy, OilPrice reported.
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