China has issued a caution to the United States regarding its financial interests in Iran, following President Donald Trump’s imposition of further economic sanctions on Tehran. Trump has urged other nations to join in these measures. The sanctions may test the relationship between China and the U.S.
As Iran’s primary trading partner, China was purchasing over 95% of Iran’s crude oil before the conflict. China’s oil refineries circumvented sanctions by obtaining oil at reduced prices from Iran’s network of vessels and intermediaries.
Trump’s threats to countries not participating in isolating Iran economically are a challenge to China’s ties with Tehran. Beijing must weigh its loyalty to Iran against its desire to maintain stability with Washington, especially with Chinese leader Xi Jinping’s planned state visit to the U.S. soon.
“Economic war and maximum pressure will not solve the issue and will only further escalate tensions, create spillover risks, disrupt the global economic and financial order, and harm the legitimate rights and interests of other countries,”
Lin Jian, a Chinese Foreign Ministry spokesperson, stated. Lin emphasized that China-Iran cooperation is within international laws and should not be disrupted.
China, as an ideological ally of Tehran, has strategies to consider before severing ties. Trump’s aim for improved trade terms with China, including increased market access for American firms, is still a priority and might be influenced by Xi’s visit.
The recent $14 billion U.S. arms sale to Taiwan, a point of contention between the U.S. and China, remains uncertain, partly due to China’s warnings that it might affect Trump’s meeting with Xi.
China plays a significant role in stabilizing the global energy market. Its substantial oil reserves allowed it to reduce imports, avoiding a prolonged surge in global oil prices, which would have impacted U.S. fuel costs. Acknowledging this, the Trump administration granted temporary waivers on Iran’s oil exports, though these have now expired.
Lin noted that China remains aware of developments and will act to protect its interests.
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