US Warns Chinese Banks: Stop Helping Iran, or Face Penalties

On August 24, 2026, the US Treasury launched "Operation Economic Outcast," its largest effort yet to cut off Iran's money. Treasury Secretary Scott Bessent warned that even Chinese banks could face US penalties — meaning they could lose access to American dollars — for doing business with Iran. China buys over 80% of Iran's sold oil and promised "all necessary measures" in response.