US Mulls Sanctions on Russia, China for Importing Iranian Oil - Mnuchin

The US Department of the Treasury intends to impose sanctions against Russia and China as well as European countries for importing Iranian oil, Treasury Secretary Steven Mnuchin said during a hearing before the House Financial Services Committee.

"We intend to enforce sanctions on them [China], on Russia, on Europe and others against Iran oil," Mnuchin said when asked if the US would impose sanctions on China for importing Iranian oil.

Previously, Washington revealed that it was set to impose new sanctions on Iran and urged all of the world's countries, including its allies, not to purchase Iranian oil and to cut any trade ties with the Middle Eastern country, so that its exports eventually drop to zero by November; the states that fail to do so will be blacklisted by the US.

READ MORE: Iran Threatens to Shelve Special Privileges For India in Case of Oil Imports Cut

The American sanctions targeting Iran come after the US decision to withdraw from a 2015 nuclear deal and introduce new sanctions against the Middle Eastern country on May 8. Britain, France, Germany, China and Russia — five states that have remained in the nuclear deal — are still committed to the plan.

The Iran-related sanctions will be launched by the US after 90-day and 180-day wind-down periods, and they will target Iran’s energy sector, central bank transactions, port operators, shipping, oil transactions and other sectors.