Overview
- Treasury Secretary Scott Bessent has publicly declared preparations for an "unprecedented" push of economic pressure designed to choke Iran’s oil income.
- The Treasury has already targeted some Chinese teapot refineries, Iranian exchange houses and vessels tied to a shadow fleet that moves Iranian crude.
- Officials are weighing further measures such as broader secondary sanctions, limited seizure of Iranian assets and expanded maritime targeting to hit the logistics that enable exports.
- Senior officials have so far avoided naming major Chinese banks because legal limits, the risk of disrupting global markets and diplomatic fallout with China could hurt US interests.
- China buys the vast majority of Iran’s seaborne oil and Iran relies on exchange houses and a shadow fleet to move money and cargo, so any tougher US steps could raise oil prices and shift trade and banking choices for firms and countries that still do business with Tehran.