AFN previously reported that Treasury Secretary Scott Bessent has unveiled “Operation Economic Outcast” plans to shut down Tehran’s money revenue streams, many of them illicit and secretive, to further cripple the regime.
Bessent’s announcement, which he likened to tightening a noose, was noticed by The Wall Street Journal for not mentioning China. That fact is arguably relevant since China gets most of its crude oil, more than 1 million barrels of oil a day, from Iran.
AFN previously reported China signed a business agreement with Iran in 2021 that promised more than $300 billion in Chinese investment in technology, oil and gas industry, and military hardware. That 25-year pact relies heavily on both countries using financial channels – the ones Bessent is vowing to block – to get around U.S. sanctions.
Pointing to Bessent’s own words, China analyst Gordon Chang told AFN the treasury secretary vowed there will be no exception for any countries that aid Iran and help its regime remain in power.
Even though Bessent didn’t directly say “no exceptions” in his speech, he described a “zero leakage” approach that blocks every potential source of revenue that funds the IRGC.
Bessent also stated, “No nation should expect to enjoy the rewards of our system while helping those who seek to destroy it.”
“In the coming months or so, we will see if he is as good as his word,” Chang told AFN.
In a blunt description about world power, Chang said the United States and China are competing right now to dominate the world, and now the Trump administration will be tested to see if – and how – it pushes back on China’s financial cooperation with Iran.
“I hope President Trump uses all of his power to make sure that the Chinese do not support Iran,” Chang said. “Because, if he does fail in this test, then countries around the world are going to abandon the U.S. and they're going to flock to China. That's how important this is."
