The administration of U.S. President Donald Trump is launching an all-out financial campaign to cut off Iran's funding. The plan aims to isolate not only Iran but also third countries, including China, that sustain Tehran's finances through purchases such as crude oil.
U.S. Treasury Secretary Scott Bessent said in a Financial Times op-ed on the 23rd, local time, that an "economic D-Day" was beginning and that it would be the largest financial campaign ever mounted against an adversary. Trump has repeatedly warned that he would sharply escalate economic sanctions on Iran, and Bessent's remarks signaled an even stronger push. Amid concern over the sanctions pressure, Iran's rial fell to a record low of 2.02 million per dollar as soon as the unofficial foreign exchange market opened on the 24th.
Bessent made clear that the sanctions would not stop at Iran. Those who help Iran buy its oil and let its money flow through currency exchanges and free trade zones, he wrote, adding that while they calculate that appeasing Iran is the safe choice, they would do well to consider the consequences of continuing to prop up the Iranian regime.
Bessent then invoked "Pascal's Wager," an argument by the 17th-century French philosopher Blaise Pascal that it is rational to believe in God's existence even without certainty. His logic was that cutting ties with Iran is the more rational choice for each country even under uncertainty. Any country that serves as a "financial artery" for the Iranian regime should be prepared to be isolated, he stressed.
Iran has pushed back strongly. According to Reuters, Mohsen Rezaei, secretary of Iran's Supreme National Security Council (SNSC), warned that not a single drop of crude would be exported if the economic war continued, and that Iran would regard the actions of any country that joined or supported the U.S. economic war as an "act of war." Iranian Foreign Minister Abbas Araghchi also criticized the move, saying the "economic D-Day" was an attempt to divert attention from the U.S. crisis of unprecedented debt and surging interest costs, and that the newly unveiled measures would fail as well.
In response, Iran warned that it had blacklisted 45 tankers for violating Strait of Hormuz transit rules and would take action against any vessel that transferred cargo with them.
According to Iranian media, the Persian Gulf and Strait Authority (PGSA), newly established to manage the Strait of Hormuz, disclosed the 45 targeted vessels on the social media platform X and warned that it could impose fines or seize their cargo. The list includes five vessels owned by South Korea's Sinokor. Ships operated by shipping companies from the United Arab Emirates (UAE), Saudi Arabia and Norway were also named.
Some analysts say the third country the United States is targeting is effectively China. As of 2025, China plays a key role in supporting the Iranian economy, buying more than 90% of Iran's crude oil exports.
Still, the prevailing view is that China is unlikely to join the U.S. measures. China maintains its opposition to unilateral U.S. sanctions on Iran. CNN noted that Washington was unlikely to persuade China, a major partner of Iran, to join the economic war.
Instead, China's Foreign Ministry belatedly disclosed on its website that day that Vice Foreign Minister Miao Deyu had met Iranian Deputy Foreign Minister Kazem Gharibabadi in Beijing on the 17th.
According to the ministry, Gharibabadi conveyed the latest developments in the Gulf region and Iran's position to China, saying that amid the shifting situation in the Gulf, Iran was resolutely defending its sovereignty and security while remaining willing to resolve issues through diplomatic negotiations. He added that Iran was grateful for China's defense of justice and hoped China would play a greater role in safeguarding regional peace and stability.
Miao said China was closely watching the situation in the Middle East and the Gulf and was actively working to promote reconciliation and dialogue.
Miao added that this year marked the 55th anniversary of China-Iran diplomatic relations, and that over roughly half a century the two countries' ties had developed calmly and healthily, with cooperation across fields advancing steadily since the two declared a comprehensive strategic partnership in 2016. China was willing to push the relationship to develop steadily and far into the future, he said.
