US Spares Major Chinese Firms in Iran Sanctions as China Takes More Than 80% of Oil
Updated
Updated · Fortune · Aug 26
US Spares Major Chinese Firms in Iran Sanctions as China Takes More Than 80% of Oil
3 articles · Updated · Fortune · Aug 26
Summary
Nearly 60 Iran-linked entities were sanctioned this week, but the Trump administration stopped short of hitting major Chinese companies or banks tied to the US financial system.
That restraint reflects a balancing act ahead of a Trump-Xi summit next month: Washington wants to tighten pressure on Tehran without derailing a fragile US-China trade truce.
China, which takes more than 80% of Iran’s oil shipments, called its trade with Tehran lawful and signaled it would protect its interests while likely doing only the minimum to avoid open confrontation.
US sanctions still reached some China-linked targets, including a China-owned tanker accused of moving millions of barrels of Iranian oil and a Hong Kong company tied to Iran’s shadow fleet.
Analysts say Beijing is betting Trump will avoid a tougher turn before Xi’s visit, underscoring how limits on confronting China could blunt the wider campaign to isolate Iran.