US Sanctions Escalation Tests China’s Role as Iran’s Primary Oil Buyer
The US has expanded sanctions against Iran, warning that nations maintaining business ties risk exclusion from the dollar-based financial system. While Beijing has reduced Iranian crude imports since a July blockade, Chinese independent refiners continue to purchase discounted oil through opaque channels. Washington is hesitant to sanction major Chinese banks ahead of high-level diplomatic talks, creating a tense standoff between enforcement and diplomatic caution.