US Threatens Chinese Banks With Secondary Sanctions Over Iran

On August 24, 2026, the US Treasury launched "Operation Economic Outcast," which Secretary Scott Bessent called its biggest financial offensive against Iran. Asked about Chinese banks, Bessent said "no one" is beyond US sanctions reach — the first explicit threat of secondary sanctions, meaning penalties on third parties trading with Iran. China buys over 80% of Iran's shipped oil and vowed "all necessary measures."