Treasury Secretary Scott Bessent:
“Iran is, or used to be, the largest state sponsor of terrorism. China was purchasing more than 90% of their oil, which is about 8% of China’s energy needs. We believe this blockade in the Straits; there will be a pause of Chinese buying.”
“But I will tell you that two Chinese banks received letters from the U.S. Treasury. I’m not going to identify the banks, but we told them that if we can prove that there is Iranian money flowing through your accounts, then we are willing to put on secondary sanctions.”
