US Treasury Secretary Scott Bessent warned of potentially dire consequences for countries with economic ties to Iran.
“Countries have deadlines to stop the activities we have identified. If countries do not take action, we will take action unilaterally through our financial authorities,” Bessent told a news conference.
Bessent declined to name specific countries. But China, India, Turkey, Iraq and the United Arab Emirates could be most at risk from US action, experts told CNN.
“If you really want to influence Iran’s ability to continue funding its operations, China is by far the most influential country,” said Daniel Tannebaum, a senior nonresident fellow at the Atlantic Council.
According to the U.S.-China Economic and Security Review Commission, China is Iran’s largest trading partner and purchaser of Iranian crude oil.
According to the World Bank, Iran exported $22.4 billion to China and imported $15.6 billion from China in 2022.
But experts are skeptical that the administration will take strong action against China, especially ahead of Xi Jinping’s planned visit.
“The U.S. government has never tightened economic sanctions against China,” said Tannebaum, a partner at management consulting firm Oliver Wyman.
The UAE has historically been one of Iran’s largest commercial partners. But last week it announced it was suspending all trade and financial transactions with Iran “until further notice.”
Turkey is a strong major trading partner of Iran, with bilateral trade valued at more than $5 billion in 2024, according to the Foreign Ministry, and last year it imported 13% of its natural gas from Iran.
Iraq and Iran have historically had billions of dollars in trade, and Iraq relies on Iranian electricity and gas.
According to India’s Ministry of Commerce, trade between India and Iran has declined in recent years, to about $1.6 billion in 2025-2026.
