The Trump administration's "Operation Economic Outcast" has expanded the sanctions campaign across China and Hong Kong, targeting dozens of individuals and businesses while intentionally holding off on sanctioning major Chinese banks that keep Tehran connected to the global financial system. Beijing, meanwhile, signaled earlier Tuesday that it would not retreat from its economic relationship with Iran, raising the risk that Trump's economic war against Tehran could evolve into a direct confrontation with China, the largest buyer of discounted Iranian crude.
Late Monday afternoon, Treasury Secretary Scott Bessent unveiled nearly 60 Iran-linked sanctions under what he called Operation Economic Outcast, a campaign designed to sever Iran's remaining trade, technology and financial lifelines.
At the center of the new financial war is Hong Kong-based Sweet Ocean Industrial Ltd., which Treasury accused of helping procure laser equipment and other sensitive goods for Iran's Malek Ashtar University of Technology, a UN-sanctioned institution linked to the country's defense-industrial base.
However, Trump's decision to spare China's large banks suggests the administration is still trying to increase pressure on Tehran without sparking another trade war or prompting Beijing to restrict exports of critical metals, a move that has already triggered panic in the READ MORE AT SOURCE »
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