Lawmakers press US Treasury to target Chinese banks over Iran

Several lawmakers from both parties are urging the Trump administration to target Chinese banks in an effort to cut off Iran's economic lifeline. Treasury Secretary Scott Bessent has pledged to sanction Tehran's "enablers," sparking questions about whether the U.S. is willing to risk antagonizing Beijing. Rep. Darin LaHood (R-Ill.) stated that any country aiding Iran's terrorist regime, including China, must be held accountable.

The Treasury Department expanded its sanctions ability on Monday, targeting foreign companies involved in five sectors of Iran's economy, including digital assets, technology, gold, aviation, and shipping. However, the initial list of sanctioned entities did not include any Chinese banks. The administration is expected to target a major foreign financial institution by the end of the week but has not disclosed details.

Going after Chinese banks could antagonize Beijing, potentially disrupting the global finance sector and threatening U.S.-China trade relations. Despite this risk, bipartisan support is growing for aggressive moves to end the Iran conflict, with lawmakers frustrated by China's reluctance to use its influence on Tehran to push for a peace deal.