The U.S. has warned it could impose sanctions on buyers of Iranian oil and expects China to halt purchases as Washington intensifies enforcement of a maritime blockade on Iran.
“We have told countries that if you are buying Iranian oil, and if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions,” U.S. Treasury Secretary Scott Bessent told reporters at the White House.
The maritime blockade began on Monday, as the Iran war entered its seventh week. China has previously accounted for more than 80% of Iran’s seaborne oil exports.
“With this blockade, we believe there will be a pause in Chinese buying,” Bessent said.
He added that the Treasury has written to two Chinese banks, warning that if U.S. officials can demonstrate Iranian funds moving through their accounts, Washington is prepared to impose secondary sanctions.
China’s embassy in the U.S. did not immediately respond to a request for comment on Bessent’s remarks.
The Trump administration has said it is pursuing “maximum pressure” on Iran over its nuclear programme and its support for militants across the Middle East. However, sanctioned oil has continued to reach China.
Also on Wednesday, the Treasury targeted Iran’s oil transport network, sanctioning more than two dozen individuals, companies and vessels.
The announcement comes weeks after Washington issued a 30-day waiver covering Iranian oil at sea, which Bessent said last month allowed roughly 140 million barrels to reach global markets — a move intended to ease pressure on energy supplies during the war.
Bessent confirmed on Wednesday that the waiver, issued on 20 March and due to expire on 19 April, would not be renewed, a decision previously reported by Reuters.
The U.S. also did not renew a separate waiver on Russian oil at sea, which expired on Saturday.
Reuters has also reported that the Treasury sent letters to authorities in China, Hong Kong, the U.A.E. and Oman, identifying banks allegedly linked to illicit Iranian activity and warning of possible punitive U.S. measures.
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