China supports Iran's banks amid US scrutiny
Reports indicate that the U.S. administration plans to impose new sanctions on Iran, targeting Chinese companies and banks that are considered a major financial lifeline for Tehran. The goal is to impose a tougher economic blockade on Iran. This move serves as a test of the U.S. administration’s seriousness in isolating Iran, amid hesitation to take action against major Chinese banks that facilitate trade with Iran, due to fears of escalating tensions with Beijing. China is Iran's largest trading partner, purchasing up to 90% of Iran's oil exports, which underscores the challenge this measure poses to U.S.-China relations.
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