China Condemns US Threats of Secondary Sanctions on Banks Amid Rising Iran Tensions
China on Thursday strongly condemned US threats to impose secondary sanctions on two Chinese banks, describing any such measures as “illegal” and lacking authorization from the United Nations Security Council. Speaking at a regular press briefing in Beijing, Foreign Ministry spokesperson Guo Jiakun reiterated that China firmly opposes unilateral sanctions imposed outside the UN framework, warning against actions that undermine international law and global financial stability.
The remarks followed statements by US Treasury Secretary Scott Bessent, who revealed that Washington had formally warned two Chinese banks over alleged links to Iranian financial flows. According to Bessent, the US is prepared to impose secondary sanctions if evidence confirms that Iranian funds are being routed through these institutions. He also noted that China had previously accounted for more than 90% of Iran’s oil exports, representing around 8% of its energy consumption, and suggested that ongoing US actions—including a naval blockade in the Strait of Hormuz—could disrupt Chinese purchases.
The escalation comes amid broader tensions following the US-imposed blockade on Iranian ports, introduced after recent direct talks between Washington and Tehran in Pakistan failed to yield a breakthrough in ending the conflict that began on February 28. In parallel, reports indicate that China continues to adjust its financial strategy, diversifying foreign exchange reserves while gradually reducing its holdings of US Treasury securities—moves that signal a cautious response to mounting geopolitical and economic pressures.
