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US sanctions expansion targets Iran ties with biggest buyer China
Kpler data cited by the outlet shows China’s Iranian crude imports fell from 1.57 million barrels per day in February to 1.47 million in March, later dropping sharply to 534,000 in August.
The United States has unveiled an expansion of sanctions aimed at cutting off Iran’s economic lifeline, putting other countries on notice that they must stop doing business with Iran or face financial consequences, including potential exclusion from the dollar-based system, Guardian Business reports. Treasury Secretary Scott Bessent warned that countries would need to sever ties with Iran to avoid being forced out of that system.
Guardian Business also highlights that China has been the biggest buyer of Iranian oil for several years, but that the US renewed a blockade of Iran’s ships and ports in July, which has already reduced Iranian oil flows to China. The outlet points to ship-tracking data from Kpler showing Beijing’s imports slipping only marginally from February to March, before later declines.
According to the same Kpler data, shipments to China fell to 785,000 barrels per day in June, the lowest level since February 2023, then rose slightly to 823,000 barrels per day in July. The intake so far in August is reported at 534,000 barrels per day.
The outlet further notes that experts say Washington is wary of Chinese retaliation, especially ahead of expected talks next month between President Donald Trump and Chinese leader Xi Jinping. It adds that any curbs on China’s exports of critical minerals are seen as particularly sensitive, according to the reporting.