Washington DC, April 15 -- United States Secretary of the Treasury Scott Bessent on Wednesday (local time) warned that the US is prepared to impose secondary sanctions on Chinese financial institutions if they are found facilitating Iranian financial flows.

"Iran used to be the largest state sponsor of terrorism. China was purchasing more than 90 per cent of their oil, which is about 8 per cent of China's energy needs," Bessent said during a press briefing.

He added that recent geopolitical developments could disrupt this flow. "We believe that due to the blockade in the Straits, there will be a pause in Chinese buying," he said, referring to tensions affecting key maritime routes.

Bessent also revealed that the US Treasury has already...