**US-China Sanctions Risk Escalates**

China buys around **90% of Iran’s oil exports**, mostly through smaller independent refineries. Imports fell from **823,000 barrels per day in July to around 534,000 in August**, but China has not stopped buying.

Bessent warned that companies doing business with Iran could be cut off from the **US dollar system**. China says sanctions are not the solution and will protect its interests. Continued purchases could put **major Chinese banks** at risk, turning Iran sanctions into a direct clash with Beijing.

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