The Trump administration has imposed fresh sanctions on dozens of individuals and companies in China and Hong Kong as part of its campaign to restrict Iran’s financial networks. However, Washington stopped short of targeting major Chinese banks, seeking to pressure Tehran while avoiding a potentially wider economic and diplomatic confrontation

The Trump administration has expanded its sanctions campaign against Iran by targeting dozens of companies and individuals in China and Hong Kong, while stopping short of imposing measures against major Chinese financial institutions.

According to a report by Bloomberg, the US Treasury Department announced the sanctions on Monday under what Treasury Secretary Scott Bessent described as Operation Economic Outcast, an effort aimed at cutting off Iran's remaining financial channels.

The latest action includes Hong Kong-based businesses, reflecting a strategy Washington has also used in enforcing sanctions related to Russia's war in Ukraine.

US authorities have previously targeted trading and shipping intermediaries in Hong Kong over alleged assistance in moving restricted goods and technology.