Mobble
Business · Global trade · published 2026-08-26 · via Fortune

U.S. Iran sanctions spare Chinese banks to protect trade talks

Treasury Secretary Scott Bessent announced an 'economic onslaught' against Iran's financial network, but the measures notably avoided targeting Chinese banks that handle Iranian oil payments. Beijing, which buys over 80% of Iran's oil exports, has responded cautiously, saying its cooperation is within international law. Analysts say the U.S. is balancing pressure on Iran with preserving a fragile trade truce ahead of a summit between Trump and Xi.

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This summary is AI-generated and original to Mobble; the linked article is the authoritative source. Original headline: “The U.S. declared an 'onslaught' on Iran. China's banks got a pass.” Browse more stories.