China Condemns US Sanctions Threat Over Iran Trade, Vows to Safeguard Its Interests

Beijing: On Tuesday, following US' announcement of sanctions on Iran's trade partners, China’s Foreign Ministry announced that it will “take all necessary measures” to safeguard its “own legitimate rights and interests” in the face of US sanction threats.

“Economic warfare and maximum pressure will not help resolve the issue; they will only further intensify tensions and conflicts, create spillover risks, disrupt the global economic and financial order,” ministry spokesperson Lin Jian said.

The spokesperson further added that the Cooperation between China and Iran has always been conducted within the framework of international law and should not be interfered with or disrupted.

Chinese companies that are major buyers of Iranian oil are a crucial factor in the US measures. However, major Chinese banks have not been directly targeted in the latest action. The move is seen as an attempt to prevent further escalation in Washington’s economic and trade tensions with Beijing.

Iranian oil imports by Chinese refineries have reportedly declined significantly. Imports that stood at around 1.57 million barrels per day in February fell to 534,000 barrels per day in August.

The United States has announced sweeping sanctions under ‘Operation Economic Outcast’ aimed at cutting off Iran’s key sources of revenue and tightening the economic pressure on the country. US Treasury Secretary Scott Bessent said on Monday that Washington had launched what he described as an ‘Economic D-Day’ aimed at squeezing Iran financially.