Geopolitics · Friday, 28 August 2026
US Iran sanctions sweep hits Chinese firms but spares the big banks
US Treasury Secretary Scott Bessent unveiled “Operation Economic Outcast” this week, a wave of secondary sanctions on Iran's oil, shipping and gold trade that hit dozens of Chinese and Hong Kong-based firms. The sanctions stopped short of the major Chinese banks that handle most of China's purchases of Iranian oil; Bessent said “no one is above the reach” of US sanctions if banks take part. China's foreign ministry said it would “take all necessary measures” to protect itself.