China Responds Firmly to US Sanctions on Iran, Vows to Protect Interests

In a strong rebuttal to the United States' latest sanctions against Iran, China has declared its intention to safeguard its economic interests. This comes in response to US Treasury Secretary Scott Bessent's announcement on Monday that the US would enhance its financial restrictions on Iran and its trading partners, which notably includes Beijing.

Chinese foreign ministry spokesman Lin Jian articulated the country's disapproval of what it terms "illegal unilateral sanctions," asserting that China will take "all necessary measures" to defend its rights. Notably, China has been the largest buyer of Iranian oil, despite significant declines in trade due to the US blockade of Iranian ports.

Bessent characterized the new sanctions as "the single greatest financial offensive ever" against Iran, cautioning that any nation maintaining financial ties with Iran would face isolation. He emphasized that US President Donald Trump plans to reach out to global leaders, urging them to cease interactions with the Iranian regime. While he refrained from naming specific countries, he underscored that no entity, including Chinese banks, is beyond the reach of US sanctions.

As tensions mount, Beijing is likely to respond cautiously, especially considering its crucial role in processing rare earths and other essential minerals used in high-tech manufacturing. Recent history has seen China tighten its export controls on these resources during trade negotiations with the US.

In parallel, Iranian officials, including Economy Minister Ali Madanizadeh, have expressed confidence in Tehran's ability to withstand the sanctions, claiming they have a two-year plan in place to mitigate the impact. Madanizadeh stated that Iran is ready for the upcoming sanctions, which he believes will result in another setback for the US.

Dubbed "Operation Economic Outcast," the US sanctions have already contributed to rising global oil prices, particularly as Iran restricts exports through the Strait of Hormuz, a critical passage for international trade. Analysts, however, remain skeptical regarding the sanctions' effectiveness, noting that approximately 90% of Iran's oil is exported to China, which has historically ignored US sanctions.

Source: www.bbc.co.uk