US Treasury Secretary Accuses China Of 'Funding' Iran, Urges Beijing To Help Reopen Hormuz

Last Updated:May 04, 2026, 23:06 IST

Scott Bessent accuses China of funding Iran by buying most of its oil, urges Beijing to help reopen the Strait of Hormuz as China and Russia veto a UN resolution on Iran.

US Treasury Secretary Scott Bessent on Monday accused China of indirectly financing Iran by purchasing the majority of its oil exports, while urging Beijing to support efforts to reopen the Strait of Hormuz.

Speaking to Fox News ahead of President Donald Trump’s expected visit to Beijing next week, Bessent said Iran remained “the largest state sponsor of terrorism" and claimed China was effectively funding Tehran through energy imports.

“China has been buying 90 percent of their energy, so they are funding the largest state sponsor of terrorism," he said.

Despite the criticism, Bessent called on Beijing to work with Washington in restoring maritime traffic through the Strait of Hormuz, which has been disrupted amid escalating tensions involving Iran.

“The attacks from Iran have closed the strait. We are reopening it," he said. “I would urge the Chinese to join us in supporting this international operation."

Trump had earlier announced that the US would help guide stranded ships through the waterway under an initiative dubbed “Project Freedom", warning Iran against interfering.

Bessent asserted that Iran did not control the strategic passage. “We have absolute control of the strait," he said, while also suggesting China should use its influence over Tehran to help ease the crisis diplomatically.

China, Russia Oppose UN Resolution

The remarks come after China and Russia vetoed a proposed UN Security Council resolution condemning Iran’s blockade of Hormuz.

Beijing argued the draft unfairly targeted Iran without addressing US and Israeli military actions. Chinese Ambassador Fu Cong said the proposal failed to present a “comprehensive and balanced" picture of the conflict.

China has continued importing Iranian oil despite years of US sanctions following Trump’s withdrawal from the 2015 nuclear deal, formally known as the Joint Comprehensive Plan of Action.

After Washington imposed sanctions on Chinese entities linked to Iranian oil trade last week, Beijing condemned the measures as unlawful “long-arm jurisdiction."

Chinese Foreign Ministry spokesperson Lin Jian said China opposed unilateral sanctions lacking a basis in international law and vowed to defend the interests of its companies.

Trump-Xi Meeting Looms

The dispute comes despite improving ties between Washington and Beijing after both sides reached a preliminary trade agreement late last year.

The US has long viewed China as its primary geopolitical rival, with tensions spanning trade, Taiwan and the South China Sea. However, since returning to office, Trump has indicated a desire to refocus US foreign policy priorities toward the Western Hemisphere.

Bessent said the upcoming summit between Trump and Chinese President Xi Jinping would provide an opportunity for direct discussions between the two leaders.

“We’ve had great stability in the relationship, and again, that comes from the two leaders having great respect for each other," he said.

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