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Beijing is attempting to walk a tightrope as Washington’s latest bid to economically pressure Iran starts to have a direct impact on Chinese companies and the Chinese government begins to feel the effects of its decision to continue buying oil from the country.
The operation, launched by US Treasury Secretary Scott Bessent on August 24, has so far listed the assets of 59 entities, including individuals and ships in five sectors: digital currency, technology, gold, aviation and shipping. Bessent accused 16 firms based in Hong Kong’s stock market and the city of Shenzhen in mainland China of being part of Iran’s trade network and acting as procurement, logistics and shipping agents for Iran.
These firms are involved in a variety of areas. The following are listed on the Hong Kong stock exchange: Sweet Ocean Industrial Ltd., RPT Technology Ltd., Sky Oil and Gas Asia Ltd. and Vienna Shipping Co. Ltd. On the Chinese mainland the following are among those listed: Shenzhen Sweet Ocean Technology Ltd., Shenzhen Huamei Lianyun International Logistics Co. Ltd., Shenzhen Bositong Logistics Co. Ltd. and Bositong Supply Chain Shenzhen Co. Ltd.
Treasury Secretary Scott Bessent kicked off the operation by describing it in World War II terms. “In the Second World War, D-Day marked the historic beginning of a campaign with our allies to target and drive the enemy from their positions, including those in third countries. Today, in that same spirit, we are launching an economic onslaught against Iran’s financial connections around the world. Our objective is to sever every economic means by which this tyranny is able to survive until Iran is left a lonely regime.”
China’s Foreign Ministry had earlier described US economic sanctions on Iran as “illegal and unilateral” and stated that Beijing’s attitude towards the sanctions “remains consistent and clear.” But it will not reveal what that attitude is, saying only that “dialogue is the only way to resolve issues” (Middle East Monitor, August 28, 2026).
The pressure is working. However, China is in a strategic dilemma as the country is Iran’s biggest oil customer and it loves Iranian crude, particularly as it is sold at a very low price to China. On the other hand, many Chinese companies, listed in China’s stock markets, are scared of losing access to the US dollar system and the risk of being hit by secondary sanctions.
China has been waging a war against the US in the Middle East for years, using Iran’s oil against America, but now, with Washington’s new campaign against Tehran, it is finally starting to bite, the Asia Times noted. Beijing would love nothing more than for the conflict to be dragged out for years or even decades in order to exhaust the US military and other resources. However, at the same time, China is nervous about becoming a target of a new economic campaign launched by Washington against all countries which trade with Iran.
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