Kochi: The US has directed countries to business association with Iran else they will have to face sanctions after its war with Iran nearing six months, media reports said.
Treasury Secretary Scott Bessent said the U.S. was launching an “economic onslaught” against Iran’s worldwide financial connections without specifying countries that would be targeted.
The Treasury Department announced new sanctions on 60 individuals, entities and vessels sans Chinese financial institutions believed to be helping Iran’s oil trade.
China is the biggest buyer of oil from Iran while the US is struggling to push down Chinese association with Tehran in oil.
However, the US has so far stopped short of targeting Chinese banks with sanctions Trump-Xi Jinping parleys are going to happen next month.
Interestingly, Trump is scheduled to meet Chinese President Xi Jinping in Washington in September.
New sanctions on Chinese banks could hit the US deal of November of 2025 on issues like Chinese rare earths flowing to Washington.
Tuesday’s action targeted other businesses in China, the UAE, Singapore and several other countries, including a cooking-oil refinery in France.
Bessent said the U.S. was expanding the scope of commercial activities that could be subject to secondary sanctions in digital assets, gold, technology, aviation and shipping.
