China holds the key to U.S. sanctions ending Iran war

The U.S. announced sweeping new sanctions against Iran on Monday, aiming to end the nearly six-month war, but analysts say the measures will fail without targeting China's major financial institutions. Treasury Secretary Scott Bessent unveiled "Operation Economic Outcast," expanding secondary sanctions to sever Iran's economic lifelines. The new measures target 60 entities, including some private Chinese businesses, but stop short of hitting China's state-backed banks, which analysts say are crucial to Iran's survival. China purchased nearly 45% of Iran's crude oil last year, funding the regime and its proxy groups. Iran's economy minister said the country is "fully prepared" for the sanctions, predicting another U.S. defeat, while China vowed to safeguard its interests against "illicit unilateral sanctions."