image sourced from original article at The United States has warned that countries and financial institutions purchasing Iranian oil or holding Iranian funds could face secondary sanctions, as Washington intensifies pressure during the ongoing conflict involving Iran. Treasury Secretary Scott Bessent said the United States believes China will pause its purchases of Iranian oil as a new maritime blockade takes effect.
The Treasury Department has contacted two Chinese banks, warning that if Iranian money is found flowing through their accounts, sanctions will be imposed. Officials have also targeted Iran's oil transportation network, placing restrictions on more than two dozen individuals, companies, and vessels linked to the trade.
A previous 30 day waiver that allowed Iranian oil shipments to continue in order to ease global energy market pressures will not be renewed when it expires. Similar waivers related to Russian oil have also lapsed. Letters have been sent to financial institutions in China, Hong Kong, the United Arab Emirates, and Oman, cautioning that involvement in Iranian oil transactions could trigger punitive measures.
