US President Donald Trump is trying to pressure the Iranian regime by isolating it from the dollar-based financial system. But because Iran’s oil trade largely moves through Chinese banks and renminbi-based networks, those sanctions increasingly depend on financial institutions beyond American control.
BEIJING—In late August, US Treasury Secretary Scott Bessent declared an “economic D-Day” against Iran, promising “the single greatest financial offensive ever marshaled against an adversary.” The D-Day analogy is an odd one for a campaign whose success ultimately depends on China, an American ally at Normandy but a strategic rival today.
BEIJING—In late August, US Treasury Secretary Scott Bessent declared an “economic D-Day” against Iran, promising “the single greatest financial offensive ever marshaled against an adversary.” The D-Day analogy is an odd one for a campaign whose success ultimately depends on China, an American ally at Normandy but a strategic rival today.