China Shields Iran as US Sanctions Lose Their Bite

The United States announced new sanctions against Iran, targeting five key sectors including digital assets, technology, gold, aviation, and shipping, in a move to cut off Iranian revenue sources. Treasury Secretary Scott Bessent described it as the "largest financial attack ever" against Iran. Iran expressed confidence in its ability to withstand the expanded sanctions, with Economy Minister Ali Madani Zadeh stating Tehran was fully prepared and had a two-year plan. China, which receives about 90% of Iran's oil exports, indicated it would protect its interests and not recognize the sanctions. The sanctions mark the latest chapter in a cycle dating back to 1979, when the US first froze Iranian assets. While past measures halved Iran's GDP, the country has remained resilient, and analysts suggest the new package will have limited short-term impact on Iranian energy flows due to Chinese cooperation.