China said it will keep trading with Iran and will not bow to what it called economic warfare, after the United States sanctioned Chinese companies over their Iran business last week and told other countries to halt trade with Tehran too.
The US Treasury Department punished Chinese companies for doing business with Iran and told other countries to cut Iran trade too or face the same sanctions.
The U.S. Treasury Department is preparing to expand penalties on countries and companies that do business with Iran, according to a source cited by Reuters. Washington has also asked China to join the effort, according to WFAA. These so-called secondary sanctions can punish non-U.S. firms, including Chinese companies, for trading with Iran. It is not yet clear which sectors would be targeted or whether China, a major buyer of Iranian oil, will agree to take part.