President Obama is redoubling efforts to impose sanctions on Iran. It comes after a wave of sanctions last December aimed at stifling Iran's nuclear program.
The latest sanctions target foreign banks that have direct dealings in Iranian oil--or handle large transactions for major Iranian oil companies.
One of the banks targeted is China's Bank of Kunlun.
After the US announced sanctions against it on Tuesday, China's Foreign Ministry spokesman threatened that if the US doesn't back off, it will severely damage ties between the two countries--though he gave no specifics.
Despite US pressure, China has continued to do business with Iran. China's crude oil imports from Iran in June jumped 35% from May.
NTDTV
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